Personal Finance: Pensions Won’t Guarantee Millennials and Gen Z Cozy Retirement – Bloomberg

Even in 2022, pensions still command an aura of reverence. A benefit where you work for one company for 30 years and then retire with a livable wage? And you don’t have to fret about picking investments? What’s not to like?

Although pensions are increasingly rare in the U.S., they’re not obsolete. About 38% of the private workforce had access to a defined benefit plan in 1980. By 2008, that had fallen to 20%. In spring of 2020, it was only 3% of private-sector workers, according to the U.S. Bureau of Labor Statistics. The majority of today’s pensions are offered to those working in the government at a state or federal level.


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