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But the Bureau of Labor data shows that something else has also occurred over the last four decades: People lost their pensions (defined benefit plans) and were forced into defined contribution plans, usually in the form of 401(k)s. Conversely, workers who only have 401(k)s or defined contribution plans, rose from 9 to 34%.
A good example of this is Warren Buffet, who still lives in the home he bought in 1958 and drives a 2014 Cadillac XTS. Ad Make your retirementplan work for you by investing in a Roth IRA. Roth IRAs allow you to save money for retirement, while providing the flexibility that traditional retirementplans lack.
Carl Richards Reason to Follow: Master of simplifying complex financial concepts Carl Richards, CFP, aka The Sketch Guy, is a master of breaking down complex financial topics into simple, relatable concepts. FMG Suite won for their Holiday Advent Calendar Campaign in the Digital Marketing Campaign category. Find him on LinkedIn.
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