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Reply to "What's so great about a pension?"
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[quote=Anonymous]Not knocking OP but it's sad our economic landscape has changed to the point OP doesn't know this! When my parents were my age (and younger) pensions were common -- I read that in 1960 half the labor force had one. OP, so that you know: 401ks started in the late 70s or early 80s and are a way for employers to shift financial risk to the employee. They sold it with tax deferred treatment, and characterized 401ks as potentially bringing higher reward along with the risk -- but that's not necessarily true as old school pensions were generous. My mom retired after 40 years and she gets 80% of her salary for life. I'm a Fed and our plan "only" provides 1% per year worked so 30% of my last salary if I work 30 years.[/quote]
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