Retire Abundantly

Your Weekly 1-Minute Retirement Tip

Showing Professionals, Executives, and Business Owners how to
RETIRE ABUNDANTLY. Experience Real Progress from Planning that Preserves, Protects & Passes on Wealth.

Is your retirement income like the dodo bird?

What do giant pandas, tigers, and pension plans have in common?photo of dodo bird

All three are nearing extinction and need outside support to survive.

The dodo bird is extinct.

Many animals approaching extinction have organizations that remember animals like the dodo and raise money to save them. There are awareness campaigns, buttons, slogans, and adoptions. Some animals, like the bald eagle, have recovered.

But where is the support for the once popular company pension plan?

No awareness campaigns. No buttons. No slogans. Only another underfunded government program for the many big companies that have gone broke.

Not so long ago, people worked thirty years for established companies like Eastman Kodak and retired with a gold watch… and a lifetime pension that supplemented Social Security to provide a comfortable lifestyle during retirement.

That’s rarely true today.

As recently as 2011, only about 10 percent of all private sector employers had lifetime pensions, down from 85 percent in 1981. Private pensions in only thirty years had moved from common to endangered. (Government employees still have their plans, but that is changing.)

Private pensions may be as extinct as the dodo in a few years.

What does that mean for you? Most companies get rid of them to avoid their own extinction or when they are extinguished in a merger. So you must plan ahead to minimize the risk of your own financial extinction.

Both those in private industry and the self-employed need a custom-designed retirement “pension plan” to produce a reliable income they and their spouse can’t outlive.

The time to begin planning is now.