With the decline of traditional pensions, most of us are now responsible for squirrelling away money for our own retirement. In today's do-it-yourself retirement savings world, we rely largely on 401(k) plans and IRAs.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which passed the House in a sweeping 417-3 vote, was incorporated into an end-of-year spending bill and was signed by the President on December 20, 2019.
Preparing for your financial future requires considering things that aren't necessarily within your control. It's easy to select your target retirement date or to budget what you'll need for monthly income, but projecting portfolio returns, life expectancy, taxes, inflation and health care needs amounts to strategic guesswork.
Retirement planning is a primary reason for long-term saving, and when people think about retirement, finances are often the focus. However, it is important to also look at the non-financial aspects of transitioning from the world of work to the world of leisure.