Pensions and floppy drives—what do they have in common? Both are going the way of the dinosaur so if you don’t want your retirement income to become extinct before you do the time to plan is now. A pension is a type of retirement plan typically funded by an employer to provide a lifetime benefit to an employee, and his or her dependents, upon retirement. In years past, employees frequently worked for one employer throughout their career, retired around the age of 65, and often within just a few years they died. Sad, but true! Pensions are going the way of the dinosaur because they are expensive to administer and because they were never designed to provide an income for decades of life in retirement. If you think your employer owes you a living, think again. Your...
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