“I would never sign up for a 401k because there is no way I can run that far.”- my hilarious boyfriend
Back in the day, almost all companies provided their employees with a pension. This meant that after they retired, the retirees would get a certain percentage of their former salary (usually 50%) every year until they kicked the bucket. As you can imagine, a pension is a pretty desirable thing to have because you never have to worry about running out of money!
But then. People started living longer. Which meant that it was costing companies a lot more to provide pensions to their employees. So nowadays it is extremely hard to find a job that will give you a pension (except for military, firefighters and policemen and a few other jobs). If you have a pension coming to you, YOU ARE THE RETIREMENT WINNER. DON’T QUIT YOUR JOB.
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