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Pension Freeze Has Big Impact on Retirement Income

CNN Money offers some tips for boosting your savings after pension problems.

Bottom line: Workers in pension plans that are frozen or terminated will need to boost their savings now to make up for any shortfall in expected pension income.

How much more? Generally speaking, for workers in their mid-40s through early 60s, they should figure an additional 10 percent to 20 percent of their before-tax pay every year until retirement, according to estimates from Watson Wyatt and the Employee Benefit Research Institute.

Posted on Thursday, January 12 by Registered CommenterWise Owl in | Comments Off