the correctional officer’s union in Cal used to lie and say COs die within 2.5 years of retirement. Since they retired by 55, this was a scary stat. I’m retired 20 years last May. Looking forward to a long life and pension under the old formula, as is my wife.
IMHO, often unreported is the fact that the PBGC (govt security insurance for pensions like FDIC is for banks) requires pensions to have a fairly high portion of their investments in bonds/money markets/cash. That's great for protection from stock downturns, but horrible for protection from inflation, longevity of pension recipients, and shortage of future workers funding pensions.
On a related note, by law the social security fund can invest in only 1 thing: U.S. treasuries.