Review Pension: Pension Plan Definitions / Characteristics
e “Guaranteed” Pension Plan — Retirees receive predetermined monthly retirement benefits from employers despite the funding status / investment returns of their pension funds. Also known as defined benefit pension plan.
e Defined Contribution Pension Plan — Retirees contribute specified amounts to their pension funds and receive variable monthly retirement benefits depending on investment returns. Examples include Individual Retirement Accounts (IRAs) and 401(k) plans.
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Focus on Expenses
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