A generation ago, retirees could rely on workplace pensions, along with Social Security payments, to provide guaranteed income that would meet most, or perhaps all, of their living expenses.
That doesn’t happen anymore. When you plan your retirement, you must take responsibility yourself to create a pension substitute from a mix of options that you can combine and customize to meet your needs. Often advisors unfortunately limit those options to investments like stock and bond mutual funds – combined with a “withdraw until it runs out” strategy. That’s very far from a pension. More