1805: When it Comes to Retirement Funding, We’re on Our Own by Dawn Starks of Simple Money Pro on Investing

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🗓️ 17 February 2022

⏱️ 9 minutes

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Summary

Dawn Starks of Simple Money Pro reminds us that we're on our own when it comes to retirement funding Episode 1805: When it Comes to Retirement Funding, We’re on Our Own by Dawn Starks of Simple Money Pro on Investing Dawn Starks has been a financial planner for over twenty years. Her aim with financial planning work has always been to simplify things for clients. Making concepts easier to grasp and less scary is the goal. Dawn's SimpleMoney project - the blog, podcast, and soon-to-be courses and book is a co-project with her husband Greg. The original post is located here: https://simplemoneypro.com/blog/when-it-comes-to-retirement-funding-were-on-our-own/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Have you ever noticed how a calm mind can really set the stage for a good night's sleep?
0:05.1	That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships
0:11.3	Daily, is here to help ease you into a peaceful night's rest with some positive affirmations,
0:17.0	and these affirmations aren't just comforting. They can help ease anxiety and nurture positive
0:22.8	thoughts, setting you up for true good sleep. So press play on Good Sleep tonight because
0:29.4	a good tomorrow starts with a Good Night's sleep. Just search for Good Sleep in your podcast
0:35.2	app and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily,
0:41.8	Episode 1805. When it comes to retirement funding, we're on our own by Dawn Starks of SimpleMoneyPro.com,
0:51.5	and I'm your host and personal finance enthusiast Diana Mariam. Now let's get right to it as we
0:58.2	optimize your life. When it comes to retirement funding, we're on our own by Dawn Starks of SimpleMoneyPro.com.
1:12.3	It might surprise you that saving for retirement is a relatively young phenomenon. In fact,
1:19.0	I'm older than the 401k concept which came out in the late 70s. Historically, people typically
1:26.6	worked until they died. The next iteration of retirement funding came in the way of company
1:32.6	pensions, which rewarded long-term employee loyalty with a retirement benefit. That retirement
1:39.4	benefit was paid by the company, not the employee. Defined contribution plans come in a variety of
1:46.8	forms depending on the type of employer. You might be familiar with 401k, 403b, 457,
1:54.9	and thrift saving plans. What they all have in common is the ability for the employee to decide
2:01.5	how much to fund out of their paycheck for their own retirement. Meanwhile, company funded pension
2:07.9	plans are all but extinct. Before diving into this issue further, really let this sink in. The
2:15.3	concept of saving for one's retirement is roughly 40 years old. That's it. For the approximately 40
2:23.6	years prior to that, some workers had a company pension that provided retirement income plus
2:29.2	social security benefits. And prior to that, there was no such thing as retirement. You worked
	...

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