Over the past year, I have developed a greater appreciation for the benefits of a pension. First and foremost, a pension offers a high degree of income certainty. The amount and annual increases are guaranteed for the life of the beneficiary.
With income certainty, there is also less financial anxiety, especially as one gets older. Every month, the beneficiary receives a retirement paycheck.
A retirement paycheck is a concept that I like a lot. Since we don't have pensions, we'll need to create our own source of a "retirement paycheck." Something that is regular, certain and available for the rest of our lives.
For more on Reflections and Musings, check back every Saturday for a new segment.
This is not financial advice. Please consult a professional advisor.
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