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Pension plans debate
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<blockquote data-quote="brett636" data-source="post: 792152" data-attributes="member: 249"><p>How long we live is one of those uncertainties in life that is difficult to plan for which is why I believe in saving as much as you can as often as you can. A 401k can become its own personal defined benefit plan if it is large enough, and it doesn't stop growing once you begin drawing on it but it is one that can be passed on to family where current defined benefit plans cannot. If one could save up $1 million(for any average saver this is attainable) and invest it in something conservative that earns a mere 5%/yr. thats $50k/yr in income. Plan accordingly and someone can live on those funds without touching the principle. The nice thing about true defined benefit plans is just what you stated is that it cannot get wiped out or exhausted through an unplanned life event or poor financial planning, but the plans themselves will be exhausted as they are currently being run telling me they need to be re worked in ways that won't make a lot of people happy. Most people who draw from defined benefit plans like our pensions look toward them as their main source of income when the reality is it needs to be a part of a diverse number of income sources. Those who plan ahead will be the retirees out on the golf course every day, those who don't will be the ones happily exclaiming "Welcome to walmart!"</p></blockquote><p></p>
[QUOTE="brett636, post: 792152, member: 249"] How long we live is one of those uncertainties in life that is difficult to plan for which is why I believe in saving as much as you can as often as you can. A 401k can become its own personal defined benefit plan if it is large enough, and it doesn't stop growing once you begin drawing on it but it is one that can be passed on to family where current defined benefit plans cannot. If one could save up $1 million(for any average saver this is attainable) and invest it in something conservative that earns a mere 5%/yr. thats $50k/yr in income. Plan accordingly and someone can live on those funds without touching the principle. The nice thing about true defined benefit plans is just what you stated is that it cannot get wiped out or exhausted through an unplanned life event or poor financial planning, but the plans themselves will be exhausted as they are currently being run telling me they need to be re worked in ways that won't make a lot of people happy. Most people who draw from defined benefit plans like our pensions look toward them as their main source of income when the reality is it needs to be a part of a diverse number of income sources. Those who plan ahead will be the retirees out on the golf course every day, those who don't will be the ones happily exclaiming "Welcome to walmart!" [/QUOTE]
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