I'm glad you took the initiative to land a job with a defined benefit pension plan. But outside of government and military jobs, no one offers these plans any more. So good luck to the multitudes who would love a job with such benefits. There just aren't enough government jobs to go around.
Nickof PA8:17PM December 05, 2010
I don't know, does every retirement dollar have to be held in an IRA? What if you just had a large bank account, or if you sold some property. Money is money! Maybe it would be simpler without the 401k, as long as you were a diligent saver.
Kathyof KY3:48PM April 29, 2010
Taken at its face value, workers with no access to a 401(k) or retirement plan will find it difficult to retire. Since most people refuse to think longer than the coming weekend, planning for a retirement 10, 20 or 30 years into the future is all but impossible. But, as Darwin noted, humans have survived all these milleniums because we are adaptable. Here in the U.S., we, unlike some countries, have no "caste" system where one is born into the riches or poverty and is destined to stay there. I worked for years for companies which offered no pension plans or lousy pension plans i.e. 401(k)'s with no match and awful investment products. In my mid-40's, knowing I would want to retire someday, I took a job with my local government which offered a Defined Benefit plan, one that pays you a monthly retirement. Now, I'm pretty much set to retire when I desire. So if you have a job which offers no benefit, you are free to change careers and seek one which does!
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Nick of PA 8:17PM December 05, 2010
Kathy of KY 3:48PM April 29, 2010
Dave of CA 12:34PM April 27, 2010