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He has an annual pension of $30,000. The amount he will receive from social security wasn't stated, but probably would be in the $20,000 range. The provides a $50,000 annual income without any use of savings.

He planned on a pension of $30k annually. Because of the bankruptcy of his company 3 years ago, his pension has been cut to about $5k annually, as well as having his retiree health plan cancelled.

Then he 'blew through' all the money in his 401(k) while training for a new career, which indicates he had no emergency fund or other resources.

Plus, while $50k might have been enough to start his retirement with, very few private pensions are indexed to inflation, and SS is now using an index less than the CPI, so the $50k would have had significantly less purchasing power in 10 or 15 years, much less 30 or 40 years.

Sorry, but I think this guy was going to be ill-prepared for retirement even if his company hadn't gone bankrupt. While his company going bankrupt was a bad blow to him, there appear to be lots of opportunities where he could have done better planning. This story seems to completely ignore those issues and tries to place the blame on the disappearance of pensions and the new reliance on 401(k)s and IRAs.

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