For all of you with big retirement dreams … one renowned financial adviser says you may need a reality check.
Ric Edelman,executive chairman of Edelman Financial Services, says because Americans are living longer and changes in our economy, he thinks retirement may soon become a thing of the past.
On Friday’s Show, Ric Edelman, the author of “The Truth About Your Future: The Money Guide You Need Now, Later, and Much Later”, joined Tom and to discuss some of the misconceptions about retirement and the mistakes many Americans make when preparing for it.
Edelman believes a lot of boomers will not be able to retire in the sixties, like the generation before. He also thinks there will be a time when retiring will be impossible for most Americans and it will no longer be the norm.However, because Americans will be healthier, they will be able to work longer.
In his new book, Edelman offers advice on how to plan for a retirement in time where Americans are living much longer than their parents.
The two also discussed kitchen table finances and answered common questions like: What changes should you make to your 401K as you near retirement? Should consider a reverse mortgage? And how should young people prepare for an economy with robots in the workforce?