Pensions, once essential for retirement, have been steadily disappearing. Today, less than one-third of Americans (31%) are retiring with a defined benefit pension plan. If you are fortunate enough to retire with a pension plan, the median annual pension benefit is $9,262 for private pensions, $22,172 for government pensions, and $24,592 for railroad pensions.
But, that’s not all. Many of us are struggling to save for an uncertain future. Most recently, as an example, the COVID-19 pandemic forced people to cut back or tap into their retirement savings. There’s also the fear that Social Security will run out, as well as increasing medical costs.
