Pensions are a great thing if you work for the same company from 23 (right out of collage) until you retire at 65. How many reading this will work at the same company for 42 years though? For many the company you worked for is no more, others were laid off through no fault of their own. Most of the rest could stay at that first company in theory but there was a better opportunity that you had to not take (even if it turns out worse in hindsight). That doesn't leave very many to make it to retirement working for one company.
Then there is inflation. $5000/month for retirement sounds good now, but will it be when you actually get to retirement?
Then there is inflation. $5000/month for retirement sounds good now, but will it be when you actually get to retirement?