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Retirement is a new concept in human history, but the way we fund retirement is even newer. After all, the 401(k) and IRA were legislated into existence less than fifty years ago. To assume a millennial or Gen Z retirement will look anything like a boomer retirement might be wishful thinking\u2014so this week, we\u2019re exploring what might be a better way to structure our financial (and life!) plans.\nLearn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie\nTranscripts can be found at podcast.moneywithkatie.com.\n\u2014\nMentioned in the Episode\n\nThe Money with Katie 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner\n\n\nThe history of retirement: https://www.theatlantic.com/business/archive/2014/10/how-retirement-was-invented/381802/\n\n\n1978 legislation on the 401(k): https://www.gpo.gov/fdsys/pkg/STATUTE-92/pdf/STATUTE-92-Pg2763.pdf\n\n\nNat Eliason article on Type 1 and Type 2 fun: https://blog.nateliason.com/p/de-atomization-is-the-secret-to-happiness\n\n\nReplacement rate for retirement income: https://www.troweprice.com/personal-investing/resources/insights/how-to-determine-amount-of-income-you-will-need-at-retirement.html\n\n\nBloomberg study on retirement: https://www.bloomberg.com/news/articles/2022-05-24/most-americans-say-1-1-million-they-need-to-retire-comfortably-is-out-of-reach?srnd=wealth-savings-and-retirement\n\n\nThe 4% rule for retirement: https://podcast.moneywithkatie.com/the-most-dangerous-misconceptions-about-the-4-safe-withdrawal-rate/\n\n\nAverage social security check: https://www.bankrate.com/retirement/average-monthly-social-security-check/\n\n\nThe earlier you start investing, the easier it will be: https://ofdollarsanddata.com/go-big-then-stop/\n\n\nStudy on having higher debt when earning more: https://www.washingtonpost.com/business/personal-finance/you-may-be-surprised-by-who-carries-the-most-credit-card-debt/2019/12/20/3ea084e8-20f7-11ea-86f3-3b5019d451db_story.html\n\n\nStudy from American Advisors Group on working in retirement: https://www.forbes.com/sites/palashghosh/2021/05/06/a-third-of-seniors-seek-to-work-well-past-retirement-age-or-wont-retire-at-all-poll-finds/?sh=5bda7b916b95\n\n\nCompounding interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator\n\n\n\u2014\n\ufeffFollow Along at Money with Katie: https://moneywithkatie.com/\nWatch on YouTube: https://www.youtube.com/@MoneywithKatie\n\nFollow Money with Katie!\n- Instagram: https://www.instagram.com/moneywithkatie/\n- Twitter: https://twitter.com/moneywithkatie\n\xa0\nSubscribe to The Money with Katie Newsletter\n- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2\n\nFollow the Brew!\n- Instagram: https://www.instagram.com/morningbrew/\n- Twitter: https://twitter.com/MorningBrew\n- TikTok: https://www.tiktok.com/@morningbrew\nLearn more about your ad choices. Visit megaphone.fm/adchoices