Another thing many people don't realize is how back-loaded most defined benefit pensions are. I kept getting annual benefit statements projecting a comfortable $2K/month pension when I retired. Even reduced 20% by my planned early retirement at 60 the pension would be about $1600/mo based on my present salary. Then I got "involuntary early retirement" at 51. My projected pension suddenly dropped by 40%. I had 24 years service but by missing the additional 9 years work that I had planned on, I also missed out on most of my pension. Even though I got another job quickly there was no way to make up for the loss in the new employer's pension program. It was also back-loaded to reward only those with many years of service. At that point my quarter century of saving and investing became my savior.In this age of uncertainty about job tenure I think everyone should strive to save enough for retirement without a pension or social security. If you eventually get something from those programs it just means you'll be able to live a little better in retirement.
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