The face of retirement is changing. Your life after you stop working full-time will be unlike that of any generation before you, including your parents'. They counted on three sources of retirement income – Social Security benefits, employer pensions, and personal savings.

Now, it’s looking like you may need an even stronger foundation in your retirement years: your personal wealth. This includes savings in IRAs, 401(k)s, and any other accounts you have designated to fund your retirement.

With uncertainty surrounding two-thirds of your retirement income, it may be important to focus on building your personal savings to ensure income in the years to come. Income to last through every phase of your retirement and changing market cycles. 

How will you manage your retirement?

 

	Your grandparents' retirement	Your parents' retirement	Your retirement
Social Security	The system was thriving, with many more workers contributing to the system than were receiving retirement benefits.	The system’s ability to pay benefits was never in question, but they may have made up a smaller percentage of retirement income.	According to current projections from the Social Security Administration, the system’s trust funds will be depleted by the year 2041, if changes are not enacted.
Pensions	Your grandparents may have worked for one company for all or most of their careers and had a healthy pension to depend on.	Even if your parents’ careers took them to several companies, they still may have had a pension from one or more of them.	Pensions are becoming increasingly rare as companies move from defined benefit to defined contribution plans like 401(k)s.
Personal savings and investments	Savings may have provided a supplement to the other sources of retirement income.	Savings became a more important source of retirement income for this generation.	As the other two sources of income become less dependable, your retirement savings and investments are more crucial than ever.

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