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The inventor of the 401(k) says he created a \u2018monster.\u2019 Could we see the end of the 401(k) as we know it? What about pensions? More and more employers have been quietly replacing pensions with other alternatives. In YMYW podcast episode 36, Joe Anderson, CFP\xae and Big Al Clopine, CPA discuss the future of retirement planning while sharing insight on what you should be doing now for your retirement.\xa0Original publish date June 4, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro
3:53 - \u201cYou can put $18,000 into a 401(k) [each year] and once you hit 50 you can put $24,000 [each year] and then the employer\u2019s usually have some sort of match\u201d
7:18 - \u201cThe good news is that 401(k) plans, especially the larger ones have significantly lowered their fees\u201d
9:38 - \u201cI would much rather pay a bunch of fees and costs to have the 401(k) to get the deduction or potentially the Roth 401(k) to have my money grow tax-free\u2026versus not having the plan at all\u201d
12:53 - \u201cThere\u2019s a lot more convoluted legalities to this (self-directed IRA); we\u2019ll just talk high-level pros and cons\u201d
17:40 - \u201cAs a CPA for over 40 years, it does amaze me how many people fail to get the message about tax planning until they make a mistake\u201d
22:38 - \u201cIf you are divorced, can you collect a benefit based upon your ex-spouse\u2019s earning history?\u201d
33:17 - \u201cWe\u2019re giving you a workaround (for making a budget), which is pay yourself first and spend the difference. If you don\u2019t pay yourself first\u2026you\u2019ll find a way to spend it\u201d
33:56 - \u201cYou do need to do a little bit of planning to figure out how much you can spend each month, and then have that come out as an automatic withdrawal from your spending account so you don\u2019t spend any more than that\u201d
35:27 - \u201cTaxes don\u2019t stop when your paycheck does\u201d