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Ep 27: What Are Pensions and Why Are They Not as Popular? Thumbnail

Ep 27: What Are Pensions and Why Are They Not as Popular?


On This Episode

Fewer and fewer companies are providing pensions these days. Unless you work for the government or a university, most people don’t have pensions. We’ll explain why they’re no longer very popular. 



On today’s Saving With Silverman podcast, Mark Silverman, CFP® explains pensions – why do some people still have them while most do not? And how do they work?

“Unfortunately, I think pensions are kind of a thing of the past,” said Mark. “You can kind of understand that with how expensive and how great they are for people. They’re hard for companies to maintain that kind of benefit.”

If you’re not going to work in retirement, most people have social security. But you need to figure out where your money is going to come from if you don’t have a pension. Do you have investments, rental properties, etc.? You’ll need an increasing income, because we have this thing called inflation. 

If you have a pension, should you take a pension buyout? It depends. We can look at the lump sum and what kind of internal rate of return they’re giving you on that money. It's important to remember that everybody needs growth. You can’t tie up your money in one thing, such as cash or stocks. You need to have the right mix of stocks and bonds. 

Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment. 

Unfortunately, I think pensions are kind of a thing of the past. 

 - Mark Silverman, CFP®

The Layout

Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.

0:31 – Fewer companies providing pensions

1:21 – Lack of a pension

2:35 – Pension buyout

3:30 – Planning for inflation

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