Pension plans used to be an incredibly popular retirement vehicle for countless workers.
In 1975, an impressive 88% of private sector American workers had a pension sponsored by an employer. Thirty years later that figure had dropped to 33%.
As pensions disappeared, many turned to 401K plans and savings accounts to fill the gap. However, according to a 2016 Prudential report, 67% of American workers are afraid that their savings won’t last in retirement.