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[quote=Anonymous]Explain the value of a pension to your children. The average 401(k) balance for people 55-64 is $271k.

https://www.nerdwallet.com/retirement/learn/the-average-401k-balance-by-age?utm_source=goog&utm_medium=cpc&utm_campaign=in_mktg_paid_2025_investing_dysads&utm_term=&utm_content=ta&gad_source=1&gad_campaignid=22295461670&gbraid=0AAAAADfKLw2-G0NQdjX-12HFcIyThlSwr&gclid=EAIaIQobChMIgvDtltvMkQMVMDYIBR2MhyujEAAYASAAEgKNAvD_BwE

Here’s an explanation of what your 401(k) balance would need to be to approximate the value of a pension.

“Next, we look at a firefighter captain who is retiring at age 55.  His pension is $85,000.  He is unmarried and so we will use the single male chart in the middle of the top row. From the chart, we find his multiplier is 27.7. Calculating the value of his pension means $85,000 times 27.7 for a total of $2,354,500 !! This gentleman would have needed to have a high paying job to have accumulated $2.3 million by the age of 55!  Instead, he risked his life and survived with a guaranteed income stream.”

https://andrewmarshallfinancial.com/what-is-a-pension-worth/
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