[2:24] – Pensions are a thing of the past.

• If you’re expecting to receive a pension in retirement, you might be living in the glory days. Minus the government, most companies no longer offer pensions, and the ones in existence have been modified. You can’t solely rely on a pension to get you through retirement.

[4:25] – Longevity comes with unique challenges.

• We’re living longer than we did in the so called glory days, and that’s a good thing. It also means we have to make our money last longer in retirement. Furthermore, you’ll probably need to plan for some type of long-term care in retirement. You need a plan to cover the uncertainties that come with longevity.

[5:28] – We’re in the “Sandwich Generation.”

• Many retirees today are taking care of both their parents and their children. This could add an additional financial strain in retirement.

[8:08] – We live in a world of takers.

• Okay, that statement is a bit dramatic, but these days, more people are withdrawing from Social Security than contributing to it. Especially as the Baby Boomer generation begins to retire, we’ll begin to see problems with the Social Security system. Social Security probably won’t go away, but it could get cut.

[9:53] – Interest rates were favorable in the Glory Days.

• You used to get 12 or 13 percent interest on your money when you put it in the bank. That’s obviously not realistic in today’s interest rate environment. You need to be more realistic with your expectations for your return on investment.

[13:58] – What is lazy money?

• Lazy money is money that doesn’t have a purpose. It’s money that’s not working for you.

[15:02] – Why do people have too much lazy money?

• Some people are afraid of losing money in the market, so they put it in cash. Others don’t want to be taken advantage of by an advisor, and they’re skeptical of investing in general.

[17:04] – What do you do when you have too much lazy money?

• Joel shares examples of clients who had too much lazy money. He shares how he was able to help.