Money Talks News: Why it is harder to retire - Toledo News Now, News, Weather, Sports, Toledo, OH

Money Talks News: Why it is harder to retire

(Source: AP Images) (Source: AP Images)
Money Talks News -

Many people spend their entire adult lives preparing for retirement.

Whether you are young or old, you will likely find that simple retirement is slipping out of reach.

One reason why is today's workers will live longer than previous generations. While that is obviously good, finding extra money for those retiring may be hard. 

Also, many workers may remember pension plans, but they are fading away in favor of the 401K. With pension plans, the business took all the risk for a guaranteed income. With the 410K, you are putting in your own money and managing it yourself. And if you run out of it, there is nothing you can do about it.

Another reason your parents had it easier? They were less likely to have take care of their parents or adult children.

Another reason it is harder to retire is retirement is more expensive. Today, with rising healthcare costs and inflation, it's possible you spend more in retirement than you did working.

Also, Social Security may soon get less money in the future, disrupting some people's retirement income.

The best advice is to save up more and worker longer to ensure a healthy retirement.

For more information, visit Money Talks News and search "retirement."

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