Retirement planning has undergone significant changes in the past 20 years, shifting from defined benefit plans to defined contribution plans. The three-legged stool of retirement (Social Security, pension, and personal savings) has become less stable, with many people relying solely on Social Security. Contribution limits for retirement accounts have increased, allowing individuals to save more for retirement. Required minimum distributions (RMDs) have changed, with different ages depending on birth year. Health savings accounts (HSAs) have become more popular, providing a way to save for medical expenses. Target date funds have emerged as a way to simplify investing, but behavior management is still crucial. Financial technology has made retirement planning more accessible and efficient. Annuities are often misunderstood but can provide lifetime income.The conversation touches on the similarities between annuities and pensions, the impact of fees on annuities, and the importance of working with a fiduciary. The hosts also discuss the growth potential of annuities and the concept of laddering multiple annuities. They conclude by addressing questions about paying off a mortgage with a Roth IRA and the impact of IRA withdrawals on Social Security income.

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