Retirement used to be simple. My uncle Dan, for example, spent his entire career with one employer. He retired at 65 with a pension that provided a guaranteed monthly cheque for life. It was a typical retirement for his generation. They tended not to save much for retirement because they didn’t have to. Unfortunately, those top-drawer defined-benefit pension plans are becoming increasingly rare. Fewer than 40 per cent of us have employer pensions of any kind and many of those that exist are the far less generous defined-contribution plans. If you have a defined-benefit plan (lucky you) and remain […]
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