Planning for retirement is undoubtedly essential — and can quickly become complicated without the proper preparation. Michael Finke, professor and director of retirement planning at Texas Tech University, discussed the importance of longevity in retirement planning, the implications of cognitive decline, and the notion of an impending retirement crisis.
Despite thousands of scholarly and practical articles, we still have a retirement crisis. But, reviewing the literature, it seems we have both the intellectual tools to avoid a retirement crisis and many (not all) of the needed institutional arrangements.
In the United States, state and local governments’ defined benefit pension plans are underfunded by more than $4 trillion, threatening the financial security of approximately 8 million retirees and 14 million workers, and taking a fiscal toll on states and municipalities.
In the annual shareholder letter for Berkshire Hathaway, Warren Buffett included some investing advice for his wife and her trustee — and the average person who is not an expert on stocks.
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