What do the giant panda, the polar bear, and a pension plan have in common?
All three are nearly extinct.
In fact, the dodo bird is extinct.
Usually, some organization is actively raising funds to save these endangered animals. They run awareness campaigns, have catchy slogans, and sell buttons.
What about pension plans? Also endangered, almost extinct.
In our grandparents’ day, some people worked for the same company for 50 years and retired with a gold watch and a lifetime pension to support them during retirement.
That’s a rare occurrence these days.
In 2011, only about 10 percent of all private sector employers had pensions, down from 85 percent in 1981. In just 30 years, pensions went from common to endangered.
There are no organizations out there lobbying to get them back. Soon, you will find pension plans on the extinct list, alongside the dodo bird.
What does that mean for you?
Without an experienced financial planner, you are on your own. Which is why you should consider a customized retirement strategy.
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