No Pension? You Can ‘Pensionize’ Your Savings
After years of working, many people face the challenge of converting their savings into a sustainable flow of income in retirement. Some researchers think they have a practical solution: Workers should take steps to “pensionize” their nest eggs.
The transition from saving to spending was once relatively simple, at least for retirees with traditional pensions offering predictable payments. But such plans are dwindling — in 2017, only 16 percent of Fortune 500 companies offered a defined benefit plan (traditional or hybrid) to new hires, down from 59 percent among the same employers in 1998, according to Willis Towers Watson — as employers have shifted to investment-based retirement accounts funded largely with worker savings.
Read More: New York Times
