Boomers had 30 years of pension growth, Gen X got 401k roulette

I compared my dad's retirement plan from 1985 to what I had at the same age working for a similar company. He put in 5% and got a guaranteed payout of 60% of his final salary. My 401k lost 18% in 2022 alone and I have no idea what I'll end up with. Has anyone mapped out what their parents had versus what they're dealing with now?

2 comments

2 Comments

felix14713d ago

Did your dad's company actually stay solvent long enough to pay out those pensions, or did he just get lucky with the timing? My uncle's pension got nuked when his plant closed in '92 and he ended up way worse off than most 401k horror stories I've heard.

xena_fox3912d ago

Yeah that's the gamble with pensions honestly. Some people luck out others don't.