My middle daughter, Abby, graduated from high school in June so now we only have one daughter left to go through this rite of passage.
It’s hard to believe that our time with daughters in high school is almost over.
Do you know what the giant panda, the polar bear, and a pension plan all have in common?
All three are nearly extinct.
The dodo bird is extinct.
Nearly extinct and extinct animals have organizations raising funds to save them. They have awareness campaigns, buttons, slogans, and adoptions.
But what about the old-fashioned pension plan?
No awareness campaigns. No buttons. No slogans.
In the “good old days”, people worked for the same company for 50 years and retired with a gold watch… and a lifetime pension income to support them during retirement.
An income for LIFE. That they couldn’t outlive, no matter how long they lived.
Not today.
In 2017, only about 9.2 percent of all private sector employers had traditional defined benefit pensions, down from 21.9 percent in 1997. In just 20 years, lifetime pensions were more than halved, becoming nearly extinct.
Soon, you will find pension plans on the extinct list along with the dodo bird.
What does that mean for you?
You are on your own.
Which is why you must have a custom retirement income plan that produces predictable income that you can’t outlive.
Retirement kills more people than hard work ever did.
—Malcolm Forbes
