[justlurking]

One thing worth noting: having a 401(k) (defined contribution) does not mean you are prevented from collecting a monthly payment (defined benefit).

A 401(k) or IRA balance can be used to purchase an annuity, with just about any terms you can imagine:

• Fixed monthly payment for life.
• Fixed monthly payment for life, with X years guaranteed.
• Fixed monthly payment for joint life (spouse, child, etc.)
• Inflation adjusted monthly payment for life.
• .....

The purchase is tax-free, then you pay taxes on the monthly benefits each year.

[blueunicorn6]

Have Puerto Rico pay for it.

[Seruzawa]

From what I’ve seen of the products turned out by the Public Schools the teachers (and especially administrators) have earned no pensions. The system would have disappeared in bankruptcy if not for the govt gun barrel.