Pensions are retirement savings plans that have been around for decades, but there are still many misconceptions surrounding them. In order to properly plan for our future, it’s important to understand the truth behind these misconceptions. Here are some common myths about pensions and why they are not entirely accurate.

Myth #1: Pensions are a thing of the past
Many people believe that pensions are no longer relevant in today’s workforce, with the rise of 401(k)s and other retirement savings plans. However, many companies still offer pensions as part of their benefits package and they can provide a stable and predictable stream of income during retirement. Additionally, the Pension Benefit Guaranty Corporation (PBGC) was created to protect individuals’ pension benefits in case their employer goes bankrupt, emphasizing the continued importance of pensions. Myth #2: Pensions are guaranteed to last
While pensions do provide a steady stream of income during retirement, they are not immune to market fluctuations and other economic factors. Employers may also make changes to their pension plans, such as freezing benefits or offering buyouts, which can impact the amount retirees receive. It’s important for individuals to regularly review their pension statements and stay informed about any changes that may affect their benefits. Myth #3: Pensions are only for government