This boomer has no pensions but savings through IRA’s and 401-K. No guarantees but at least no government or corporation can jack it away in theft-—at least at this point in time. Pensions via govt tied in to taxpayers funding them to stay afloat. Social Insecurity for the future funds is not a sure bet though.
I’m the same. All self-funded. Almost every company has pulled away from defined pension programs and instead offers some form of accumulation plan. Even FERS has done it though many, including FERS, offer what amounts to a retirement insurance policy that you and I can’t get. We can only get a variable or flat annuity. Both are only for fools. Inflation will eat up a flat annuity and the variable is the same as equities, uncertain.
When I got out of university and hired on in 1978 and went in to HR to sign up in all the benefits I asked about the financial security of the retirement plan and the board of trustees. I got the strangest look from the HR manager. He said nobody had ever asked him that question before.
My FRiend, I am not the least bit sure at all that what we have saved will not be jacked away in theft. I think it will. I think someone will decide you or I have too much and take it away from us. That is where we are headed right now. Pure Communism. There will come a time before we are dead that there will be no private property. We need to be completely realistic, brutally honest about our state of affairs. It is dismal.
Not enough jobs
Not enough people trained or willing to work
Too many just content to make you pay for them to live
Stagnant economy
Over regulated
Over taxed
Destroyed health care program that cost more than normal people can pay
Waste
Fraud
Corruption
Lawlessness in every place you look
and
as a nation we do not know God.