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Reply to "What's so great about a pension?"
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[quote=Anonymous]"'Defined' means income for life." Not true. From Forbes: https://www.forbes.com/advisor/retirement/defined-contribution-plan/ “Defined contribution plans are largely funded by employee contributions, and they offer no guaranteed return of income in retirement. A defined benefit plan guarantees a specific amount of money employees can expect to receive as income each month in retirement, whether that’s an exact dollar amount or a percent of salary averaged over particular earning years.”[/quote]
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