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Defined benefit plans were only great if you made it to retirement age. I expected a nice pension even if I retired at 62 instead of 65. Instead my job disappeared when I was 52. That meant my pension benefit dropped 40% from what I expected. You don't make that up when you get a new job at that age. Fortunately I lived modestly and invested well most of my career so I'm okay.

I think the warning of this article is a lot of people don't do very well managing their own retirement savings. For them the social security backup is going to be pretty important. That's one reason I've opposed a switch to "private accounts". I won't be around in 2050 but I suspect with employers dropping pensions and politicians dismantling social security there will be a lot of impoverished senior citizens.

I'm not talking about Fools. The fact that you are here says you understand the problem and have or are getting the knowledge to take care of your own retirement. But I've worked with a lot college graduates who have no clue how to manage money or investments.
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