Pension Plan vs. 401(k): Types, Pros & Cons

A pension is a retirement-savings plan, typically employer-funded, that gives you regular payments in retirement. A 401(k) is a workplace retirement plan that gives employees a tax break when they contribute.

For some people, a pension is a route to retirement, but often it’s not the only way to get there. Here’s what pensions are, how they work and options if you don’t have access to a pension plan — or if the payouts will be too small to live off of in retirement. Read more

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