To expect the probability of having a defined benefit plan to double, given the pension freezes that's what blows me away.
More Quotes from Jack VanDerhei:
People typically take a cue from their parents' generation which had pension plans and retiree health programs. And they know they're making more money than their parents did.Jack VanDerhei
It's clear that people currently working should factor into their retirement planning the long-term trend away from traditional defined benefit pensions. That means people need to be saving more than they are.
Jack VanDerhei
The trend from defined-benefit to defined-contribution plans has not come because employees have wanted to take on that risk. It's because employers have wanted to get rid of that risk.
Jack VanDerhei
We find there are a lot of people who need to be saving more than they are, if they hope to be able to afford a comfortable retirement.
Jack VanDerhei
A lot of today's workers look at today's retirees and say, 'They seem to be in good shape, and I'm making more than Mom and Dad were making, so I should be in good shape, too,' What they're totally failing to realize is that the generation of people retired today by and large had benefit plans and retiree health plans that are being increasingly cut back today.
Jack VanDerhei
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