Pensions Are On The Way Out But Retirement Funds Are Not Working Either

US law provides for many kinds of tax-advantaged retirement plans. They fall into two broad groups: defined-benefit (DB) and defined-contribution (DC) plans. Defined-benefit plans are mostly the old-style pensions. They came with a gold watch and ensured you some level of benefit for the rest of your life. Your employer would invest part of your compensation in the plan, based on some formula. In some cases, you, the worker, might have added more money to the pot.
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