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Reply to "What's so great about a pension?"
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[quote=Anonymous]Your 401k is a defined contribution plan. You decide what to put in and then take on the risk of your investments losing value or you living too long and not having as much income as you were expecting. Your SIL probably has a defined benefit plan that guarantees payments of a set amount no matter how long she lives or what the market does. Of course, pensions can go bankrupt and screw retirees but that’s really unlikely with a government plan.[/quote]
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