In this week's personal finance tips, Jane Barratt talks about how to prepare for retirement. She explores the difference between pensions versus defined benefit plans versus defined contribution plans.
- What do you think when I mention the 2030s?…It's a decade that feels far away.…It's also the decade, by conventional standards,…when I should be retiring.…Given all the changes in the economy,…technology, and ways of working in my lifetime,…it's a safe bet that retirement for my generation…and future generations will look substantially different…to what it does today.…So, how do we prepare?…Let's start with what we know today.…First, Defined Benefit Plans,…more commonly known as pensions,…have gone away for all but a few companies…and for some government workers.…
Defined Benefit Plans means that employers…take the responsibility for putting money aside…for their employees' future needs.…They're terrific in that they allow people…to plan their future 'cause they have…a known future income stream.…But because the risk of these plans…fall entirely with the employer,…these plans fell out of favor.…Defined benefit plans have been replaced…by Defined Contribution Plans where the employee,…with added contributions from the employer,…
Updated
6/30/2017Released
7/1/2016Skill Level Intermediate
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October 2016
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November 2016
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All about loans4m 24s
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December 2016
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Global traveler money tips3m 42s
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January 2017
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How to start investing2m 37s
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Make a budget that works3m 10s
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Create a virtual portfolio2m 21s
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February 2017
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Prepare for tax return time3m 17s
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Money myths busted3m 45s
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March 2017
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Money-toxic friends5m 52s
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April 2017
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Protect what's yours3m 42s
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Work/life balance3m 10s
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How to ask for a raise3m 11s
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May 2017
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Improving your credit score3m 55s
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Budgeting blind spots3m 19s
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Buying or renting a house3m 24s
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Letting go of money mistakes3m 40s
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401(k) and IRA3m 14s
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Young risk3m 23s
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Lifelong money learning3m 17s
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Video: How to prepare for retirement