Financial planner Mike Milligan argues that retirement strategies from 10-20 years ago no longer work. Tax laws, interest rates, and healthcare costs have shifted so much that clinging to old approaches is like refusing to upgrade from a flip phone to an iPhone.
Just like technology evolves, so does the financial landscape. Tax laws change, interest rates move up and they move down, markets go through cycles, healthcare costs rise always, and people are living longer. And one of the biggest risks is assuming that what worked 10, 15, or 20 years ago will automatically work today or work 10, 15, 20 years from today.
And when the iPhone first came out, a lot of people resisted it and they were comfortable with their flip phones. And today, many of these same people, they can't imagine going back. There's a, there's a lesson there, isn't there, Mike?
Well, there absolutely is. In financial planning, staying comfortable sometimes can mean staying stuck. Now, that doesn't mean people should jump into every new financial idea they see, uh, but it does mean staying open-minded.
How to evaluate AI growth stocks (Nvidia, Oracle, CoreWeave) beyond market hype
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