Why do most retirement plans fail? It's not bad investments — it's that the entire system changed in the 1970s, and nobody updated the plan.

In this episode of the Retirement Risk Show, Dave Hall breaks down how retirement in America shifted from a pension-and-Social-Security "golden age" system to a do-it-yourself model built around the IRA (1974) and the 401(k) (1978) — and why that shift is the real reason 46% of Americans die without the money they need to get safely through retirement.

Dave covers the four structural problems this created: the shrinking income floor (Social Security now covers only ~40% of retirement costs, down from near 100% for pension-era retirees), concentration risk (you're now the only one managing your own outcome), uncertain withdrawals (no one tells you exactly what you can safely spend), and the full shift of responsibility from employers to individuals.

He also explains the three consequences retirees face as a result — losing the lifestyle they worked for, missing the window to maximize their legacy, and outliving their money — and walks through the three-part framework the ultra-wealthy use instead: guaranteed income, reserves for long-term care and short-term cash flow needs, and proactive legacy planning.

Whether you're years from retirement or already in it, this episode lays out why the traditional approach falls short and what a more resilient plan looks like.

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