In this podcast episode, Brian Skrobonja takes us on a thought-provoking journey through the evolving concept of retirement. As we dive into the past, present, and future of retirement, Brian helps us unravel the complexities of this modern-day concept which, though deeply ingrained in our society, is relatively new in human history.

This episode is essential for anyone planning for retirement, offering a fresh perspective on how to approach this significant life stage in the context of rapid societal shifts, economic developments, and increasing human longevity.

  • We start off by exploring the concept of retirement and its transformation from ancient societies to the modern era.
  • The Industrial Revolution marked a significant shift from agrarian societies to industrial ones, influencing how people viewed work and retirement. It even shaped the way that families and communities lived together.
  • The change in how work was done over the centuries resulted in the creation of a retirement system based on pensions, which was the precursor to modern-day retirement benefits.
  • In the 1900’s, Social Security was introduced which shifted the responsibility from families and communities onto the government.
  • In a relatively short period of time, the concept of retirement has changed drastically, and the pace of change is continuing to accelerate. Based on the way technology and healthcare are developing, it’s very likely that retirement will look very different in the future as well.
  • As the Baby Boomer generation progresses toward retirement, it will put tremendous strain on programs like Social Security and Medicare due to a considerably lower worker-to-retiree ratio than ever before in history.
  • The programs and retirement paradigm will change, similar to the way that pensions underwent change. Pensions used to be the default vehicle for retirement but have become scarce and relegated, mainly for those with government jobs.
  • According to the Social Security Administration, benefits are projected to run negative by 2033. And according to the Congressional Budget Office, the national debt is projected to reach $52 trillion in 2033.
  • Life expectancy also continues to rise, which puts pressure on the current retirement paradigm from another angle. With new breakthroughs in human longevity, the concept of retirement will have to adapt.
  • Retirement was once considered a necessary transition when a person was no longer productive in their work and had a short life expectancy once retired. Today, people retire when they’re still fully capable of working. That reality is widening the chasm between the number of workers and retirees, as well as the financial resources needed to sustain retirement for longer periods of time.
  • Retirement needs to be redefined, since the reality of shorter lifespans is no longer the case for most people.
  • There are three factors that contribute to success in retirement.
  • The first is contribution. The longer you contribute, the better. Perhaps redefining expectations after the age of 60 and looking toward a second half of life with a meaningful career or business may be called for.
  • The second is prevention. The longer your retirement is, the more risks are amplified and can have a significant impact. Finding ways to move things into your control helps prevent unforeseen problems that put your retirement at risk. Examples of this include: insurance, annuities, and tax-free investments.
  • The third is delegation. Retirement planning is a team sport. You can delegate the heavy lifting of a retirement plan to financial advisors, attorneys, insurance agents and CPAs and then use that collective wisdom to implement the actual plan.



Mentioned in this episode:

Common Sense Financial Podcast on YouTube 

Common Sense Financial Podcast on Spotify


References for this episode:,come%2C%20it%20was%20nevertheless%20substantial,and%20paid%20into%20Social%20Security,a%200.08%25%20increase%20from%202020