Pension Plans: Defined Benefit vs. Defined Contribution - America's Wealth Management Show

Did you know that only 15% of private companies offer pension plans today? That’s compared to 86% of state and local governments that have pension plans. Obviously, there are a lot of people that don’t work for the government and don’t have access to pension plans, though. Nevertheless, we see people with pension plans and help them all the time. If you have questions about pension plans, follow along here as we break down the differences between defined benefit and defined contribution plans. Retirement Plan Checklist: https://www.modwm.com/retirement-plan... Timestamps: 00:00 – Introduction 01:11 – The Fall of Defined Benefit Plans 03:30 – The Dawn of the Defined Contribution Plan 05:06 – Major Company Failures and Lost Pensions 06:35 – TRIVIA 07:40 – Defined Benefit Plans: Spousal Info 12:59 – Defined Benefit Plans: Lump Sum 14:25 – TRIVIA 15:16 – Everyone Has a Pension (Social Security) 18:15 – Retirement Plan Checklist 19:30 – Taxes and Pensions 20:33 – What We Learned Today What to Do with a 401(k) After Retiring:    • What to Do with a 401k After Retirement - ...   Must-Knows for Couples Retirement Planning:    • Must-Knows for Couples Retirement Planning...   What Is Longevity Risk and How Do You Plan for It?:    • What Is Longevity Risk and How Do You Plan...   Maximizing Social Security Benefits:    • Maximizing Social Security Benefits - Barb...   Start Planning: https://www.modwm.com/retirement-plan... Schedule: https://www.modwm.com/meet-with-us/?u... Check out our other podcast! The Guided Retirement Show:    / theguidedretirementshow