There was a time when planning for retirement meant having lots of children. Later, millions of workers depended on private pensions for financial security in old age. Then in 1978, Congress added an.
If you have a 401(k), congratulations! Not only are you saving for retirement, but you're doing it consistently and in a tax-advantaged account. Also, if an employer match is part of your benefits.
If you're younger than 40 years old, you may not even know what a pension is. Also called defined benefit plans, pensions used to be the primary source of retirement funding for American workers..
Nearly half of working Americans worry about running out of money in retirement (45%), while the rest (55%) say running out of time to do what they want in retirement is a bigger concern, a recent.