"I don't think the implications of changing stocks' rate of return from 10% to 5% have sunk in. We acknowledge that stock returns will be poor, and yet all of our retirement advice—save 10% of your income... withdraw 4% in retirement—stays the same. ... Option number two: Retire later. You're likely going to live to an age older than your parents anyway, and I'm sure you've had it in the back of your mind that it was never reasonable to work 40 years and then have a 40-year retirement anyway."