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Section 2

You Have to Rely on Yourself

With people living longer, traditional pensions in decline, and
with questions about the future of Social Security, the burden of

creating an income over the course of retirement has become,
well, your responsibility. When I began my career as a financial

advisor in 1984, virtually everyone I met with was receiving
a pension or would receive one when they retired. The vast

majority of the people also had company-paid health insurance,
which would carry them throughout their retirement.

According to CNN Money, in an article from 2017, “in the
early 1980s, around 60% of companies offered defined benefit

pension plans. Today, that number is around 4%.” When it
comes to retirement planning for income, and for health

benefits, most people are on their own. For retirees now and in
the future, the sources of retirement income are dwindling, and

a greater reliance on personal savings has become a necessity.

Chapter 1: The New Retirement