In 1981, Ted Benna created the first 401(k) plan, which allowed corporations to contribute, tax-free, to workers' retirement accounts. That allowed companies to get out of the pension business, but gave employees more responsibility over their retirement funds. "Sunday Morning" contributor Kelefa Sanneh talks with Benna about how an obscure tax-code provision led to our current financial planning for retirement (and, at a time of precipitous stock market shocks, more angst).
A lower cost of living, and a sense of adventure, are leading more and more Americans to retire overseas. Correspondent Seth Doane talks with ex-pats who now live fulltime on the Mediterranean island of Gozo, part of the Maltese archipelago; and with Jennifer Stevens, executive editor of International Living, which offers advice and seminars for those considering living or retiring abroad.
Nik and Adinah Johnson, who retired in their forties, are part of FIRE (Financial Independence, Retire Early), a movement that looks at work as a means to an end, and where frugality buys freedom from the rat race.
