Retirement planning today has taken on many new dimensions that never had to be considered by earlier generations.  People are living longer, traditional pension plans are disappearing, and investment choices have proliferated. 

A person who turns 65 today could be expected to live as many as 20 years in retirement as compared to a retiree in 1950 who lived, on average, an additional 15 years.  Longer life spans have created several new issues that need to be taken into consideration when planning for retirement.