Pension Plans vs. 401(k) Plans
A pension plan has become exceedingly rare, or at least that’s the conventional wisdom. But that doesn’t mean pensions are not still an important retirement planning tool for many people. While it’s true that few private sector employers offer pension benefits for new hires, they are still common for people who work in the public sector. Many older people also have some pension benefits, perhaps from a previous employer. So, although pensions aren’t available to everyone, the