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I agree with those who say SS will continue to provide some income into the future though the amount is difficult to predict, especially for people many years from retirement. But let me share my experience with pensions. After changing jobs a few times early in my career I found a company I liked and worked for them for 24 years. At age 52 they decided my job and I were expendable. Too old for the new early 40's management team and too young for an early out program they offered the previous year, I found myself unemployed. (Not all bad because I was able to completely change my career path and do something I really enjoyed for the next few years.) But the joke was the pension from my old company. It was a defined benefit plan which I didn't have to contribute to. Annual benefit statements painted a picture of a happy retirement on over $2K/month. Early retirement would reduce it about 20%. But because I left the company at 52 I discovered when I took the pension at age 55 that I would get less than $600/month. What a joke! I took a lump sum instead and hope to earn more over time than $600/month plus still have the orginal investment. But it shows how dangerous relying on promises of something in the future can be. BTW, I had taken full advantage of the company's 401k plus individual IRA so no need to have a fund raiser for me, although any donations will be appreciated.

When Hubby retired last year, we had already watched the stock in the company drop close to $50 a share. We figured if they could screw up the stock that much, we certainly didn't want them handling the pension, and opted for the lump sum. The company we went with to manage the funds has been great. I keep telling Hubby they are getting a wonderful Xmas present from us (even though they already did from the percentages they take).
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