There’s a common misconception about how people plan for their retirement: They don’t. And while it used to be something that would often “work itself out,” that’s no longer the case.

“Historically there have been safety nets in place for the non-planner—pension plans, Social Security and private savings,” says Pete Welsh, VP of Product and Marketing Strategy at OneAmerica. But now there’s less of those supports available, he says.

Some say as much as two-thirds of retirement income now comes from sources that future retirees won’t be able to count on. And that, says Rethinking Retirement author Keith Weber, is “not just a financial issue, but a cultural issue that will change the progression of how future generations define their careers and lead their lives.”

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