Do you have a good pension? Do you have any pension at all?

Back in 1975, most Americans who worked for established employers could say that they do indeed have a decent pension. If you worked for a company with one of these plans, you could look forward to receiving — for every month of your retired life — a pension check based on your salary and years of service. Corporate execs, not surprisingly, didn’t like bearing that risk. By the early 2000s, pensions had essentially morphed into employer-sponsored savings plans. In this new “defined-contribution” universe, employees have been contributing their own dollars into their own personal retirement accounts, with employers sometimes adding a bit of a match into the mix. The employees get no guaranteed retirement check, just the money contributed into their personal retirement account and whatever investment income the dollars in the account generate.

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