My husband’s employer froze pensions when he was 48. It was a huge hit to our retirement planning, coming at the same time as the financial crisis in 2008 … and at a time when we were paying for our kids’ college from cash flow. We were fortunate that he was not nearer to retirement. Over the next decade or so, we put as much as possible into our 401k and 403b plans. That put us in a position to be able to take a lump sum payment rather than the pension (which was not structured in a way that appealed to us - reduced at 62, no inflation adjustments & poor choices for survivor benefit). The lesson we learned is that the pension world has changed. We encouraged our kids to start saving aggressively for their retirement from the start of their careers.
Statistics: Posted by Gubshu — Sun Jun 30, 2024 7:20 am — Replies 10 — Views 1394
