Ah, the idea of retirement, a phase in our lives that we all look forward to, a time to relax, pursue

our passions and spend some quality moments with our loved ones, maybe our

grandkids. I don't have any yet, but that's what I picture for retirement. But deep down, there is a prevalent

fear that haunts all of us, many of us, many individuals during this chapter of their lives.

Look, I'm 46 years old and there's a fear that runs through all of us about running out of money in retirement. It's a reality faced by many, many people,

especially if you have your money tied to a stock market or a 401k. It's incredibly concerning. In 2008, when I started my journey and I was a news anchor in New York

City and the financial collapse had just happened, I remember hearing horror stories from people who were at retirement age

and people who even in the building where I worked were about to retire and they had all of their

401k basically wiped away because of what had happened in the

stock market and the collapse of Lehman Brothers and all of that disaster.

They didn't have other investments.

You see most people have a 401k plan that's tied to the success of Wall Street

It's a terrible retirement vehicle in fact it was never meant to stand on its own as a retirement vehicle.

Even the creator of the 401k admits that it was meant to work in tandem with pension plans.

And pension plans have disappeared.

The 401k was meant as like a nice little safety net, something

on the side, never meant to be the thing that drives all of our retirements. But now that's

how we treat it. As retirement approaches, people relying on their

savings and their investments to sustain their desired lifestyle after they stop

working and they're putting their hopes and dreams on these financial products like a 401k and it's going to be a disaster.

However, I mean thinking about this, insufficient savings, inadequate financial planning can intensify this fear.

So you might have a 401k, but you're also not educating yourself.

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