No. of Recommendations: 2
I'd be astonished if there aren't a lot of people with more than $50k in annual pension and SS income.
Pensions have already become an anachronism in the private sector. For boomers, who retired from white collar jobs, those still alive, yes the above is true.
My former employer of 27 years capped & grandfathered the traditional pension 15 years ago, replaced by an extra 4% of salary "cash balance" pension. And has proceeded to fire / ER / RIF / layoff every employee over 50 for the last 8 years to reduce that liability.
For anyone under 45, it's 401K or bust, ba-bee. Hope you get a high enough paying job to generate a significant SS payment that will probably get cut - or inflated down to nothing in 20 years by these clowns.
