“Not only has the amount of people who have pensions decreased, but also the risk of exposure to problems has increased because there has been a shift from defined benefit to defined contribution,” Beach said.
“In 2008, the stock market took a huge hit. That means a lot of people took a big haircut. It may have been expected that you were going to retire on a pension of $30,000 and then found out that out of the blue, my pension is going to be $18,000,” Beach said.
“It’s not surprising that you see people revising their plans.”
He believes the feds could bring in new pension measures as early as next spring’s budget.
Keywords: boomers, demographics, pension
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