How to Turn Your Retirement Account Into a 'Personal Pension Plus'

Retirement is a source of significant anxiety for Americans. It’s reported 40% of us fear retirement more than death. Outside of government jobs, pensions have nearly all disappeared. Important changes aimed at addressing some systemic issues are coming, but experts like Wade Pfau believe new Social Security legislation may not be enough. Combined with the potential of a recession (as the bull market keeps running), economic pressures posed by COVID-19, and 10,000 Baby Boomers retiring every day, this is hardly surprising.

With the near extinction of employer-provided pensions, Americans increasingly have to figure out their own retirement income plan, though many of us lack the tools or training to do so.

The 'Fragile Decade'

Financial literacy is an often-neglected area of education among Americans; this causes financial planning to feel opaque and overwhelming. For many, retirement boils down to, “How much money do I need to save risk is a major pitfall.