Define Your Own Benefits
Research indicates that retirees tend to be happier with a defined-benefit pension than they are with a comparable amount of wealth in a retirement account. Everyone wants to be a happy retiree someday, but there’s a big problem: traditional defined-benefit pension plans are going the way of the covered wagon. The number of private-sector pension plans has dwindled from an all-time high of 112,000 in 1985 to a mere 30,000 plans in 2007. The aforementioned retiree happiness is probably not due to actual participation in a pension plan, but rather to the guaranteed income that such a plan provides. Here’s…