Pensions, once a staple in corporate America that lured so many young people to a particular employer were shunned in recent years as employees sought self-directed riches in the pension-replacement retirement vehicle, the 401(k), which came to dominate the employer retirement landscape.
But the statistics on defined contribution plans like 401(k)s reveal that they have been an overall poor substitute for pensions. The average 401(k) balance is only about $60,000 according to the Center for Economic Policy and Research.
In addition, according to the Employee Benefit Research Institute (EBRI), the share of employees in a traditional defined benefit pension plan has fallen from 62% in 1979 to just 7% in 2009.
The Towers Watson survey suggests this trend may have bottomed out and may soon be on the rise again.
The world seems to have become far less certain these past few years. It's little wonder then that people are again longing for some good old-fashioned security.
Speaking of which, we can help!
In addition to our core business of providing structured settlement products and services to a broad spectrum of clients across the country, our firm regularly assists clients looking for other types of highly secure, guaranteed cash flows. We can help you with:
- 401(k) and IRA conversions to annuities;
- "Pensionizing" your nest egg;
- Structuring Attorney Fees;
- Structuring Sales of Appreciated Assets;
- Structuring Realtor and Business Broker Commissions;
- Annuitizing Savings;
- Structuring Celebrity Endorsements
For additional information on all we offer relative to retirement security beyond structured settlements, please check out some of our archived blogs and newsletters on these topics.
Wishing you continued success, thank you for the opportunity to be of service. Please call anytime we can help.
Dan Finn, CPCU, CSSC
Certified Structured Settlement Consultant