[Mom MD]

For folks like my parents pensions were the only thing offered. the 401k is a fairly recent development. 50 years ago most people worked for one company most of their life and that company guaranteed them an income in retirement.

[farming pharmer]

For folks like my parents pensions were the only thing offered. the 401k is a fairly recent development. 50 years ago most people worked for one company most of their life and that company guaranteed them an income in retirement.

Precisely right. My 73 year old father had very little in investment options for most of his life, but working with the Teamsters for 41 years afforded him a livable pension. His multi-emplyer pension may evaporate in another 5 years.

Waiting for the knee-jerk jackoffs and their ignorant comments in 3..2..1..

[TwelveOfTwenty]

50 years ago most people worked for one company most of their life and that company guaranteed them an income in retirement.

We weren't living as long when those retirement plans started, so it was a lot easier to make good on those promises.