Widely used retirement accounts are actually a fairly recent development, yet today they are nearly universal. In the past, many people relied on older generations’ systems like pension plans to handle retirement for them. That began to change in the 80s and 90s when employers shifted this major responsibility onto workers, requiring them to learn how to invest and manage their own retirement contributions. Back then life was far more affordable, so a deep understanding of personal finance was not really necessary. Life was simpler.
Today, knowledge of investing and personal finance is essential for your financial well-being. While most of us were not taught this growing up and it is not anyone’s fault, we are here to help.
Source: IRS
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