Retirement planning used to be easy. Get a good job. Stay there for 30 years. Walk out with a pension and a gold watch. Along the way, buy a house and pay off your mortgage. Easy.
These days, people can expect to change jobs, or even careers, several times in their life. Changing homes and locations is just as common. Even if you manage to stay at one job for an extended period of time, most employers no longer offer pensions.
The upside is that retirement no longer has to mean sitting on the porch of the house you spent 30 years paying for once you turn 65. Today, people can choose to retire earlier, or they can choose to retire but keep working on new endeavors. Many people dream of a retirement spent traveling or pursuing their hobbies and passions instead of wasting the days away sitting idly at home. These modern forms of retirement require a new approach to retirement planning.