General Information About Retirement

There Are Many Different Sources of Income in Retirement

Social Security benefits are a critically important source of retirement income for most older Americans, but they were never intended to provide enough money for them to live comfortably. It was assumed that older individuals would also have income from savings and a workplace retirement plan.

There Are Many Types of Workplace Retirement Plans

The two main categories are pensions, often called defined benefit plans, and retirement savings plans, called defined contribution plans, such as  401(k) plans and 403(b) plans.  How your retirement plan works, what your benefit will look like when you retire, whether you can pass your benefit on to your children, and whether you need to contribute your own money into the plan will all depend in large part on whether your plan is a pension plan or a retirement savings plan.

In addition to the type of plan you have, the kind of employer you have will also affect how your retirement plan works. For instance, the laws regulating your retirement benefits differ depending on whether you worked for a government, a private employer, or a religious organization.  They also can differ if your plan is offered by more than one employer.

The resources below explain how the different types of retirement plan work, key concepts and terms that often come up when people talk about retirement, and helpful information that can apply to many different types of retirement plans. You will also find important facts and figures about retirement benefits in the United States.

General Information About Retirement Highlights:

Statistics
10/23/23

Why Pensions Are Important

Statistics
10/23/23

Income of Today’s Older Adults

Statistics
10/23/23 |Pension Rights Center

How many American workers participate in workplace retirement plans?

The Latest on General Information About Retirement:

Blogs & Newsletters
09/17/24

Vanguard’s Rosy 401k Study Doesn’t Reflect Reality for Most Americans

By David Brandolph A recent study from Vanguard found that the employees participating in the 401k plans that the large financial institution serves as recordkeeper increased their contributions to record levels in 2023, and automatic plan enrollment is boosting participation for younger and lower income workers.   According to Vanguard, from 2014 to 2023, contribution rates for […]

Blogs & Newsletters
09/02/24

Labor Day: Time to Honor Workers and Strive for Their Secure Retirement

By David Brandolph On this Labor Day, the Pension Rights Center rededicates itself to preserving and enhancing the retirement income security of American workers who, through their toil and perseverance, built our country and keep it running. Today, we’re also celebrating the 50th anniversary of the landmark federal private pension law, the Employee Retirement Income […]

PRC In the News
03/04/24

Forbes: One Easy Way To Boost Your 401(k) Account, Starting Now

“Participants who withdraw plan funds to cover non-retirement expenses,” notes the Pension Rights Center, “no matter how justified, are shortchanging their future. Every dollar withdrawn will no longer be in the account where it can grow tax deferred. That lost principle, combined with the loss of potential interest and investment gains over what could be […]

Blogs & Newsletters
01/30/24

Our 2024 Resolutions Reflect our Commitment to Retirement Security for All

By Karen Friedman The New Year is always a great time to take stock and resolve to do better.   I’m already making headway on my personal goals of hitting the gym, eating healthier (mostly), and generally getting in better shape.   Our resolutions at the Pension Rights Center, however, are a bit more ambitious.   We’re working […]

Blogs & Newsletters
11/14/23

Uptick in Withdrawals Exposes the Inadequacy of Do-It-Yourself Retirement

By David Brandolph For decades, employers have been steadily ridding themselves of the responsibility of funding and making payments to traditional defined benefit pensions in favor of 401(k)-type defined contribution plans. But are these individual account retirement savings plans providing sufficient retirement income for most Americans? For millions of workers, that answer is “No.” A […]

Speeches & Statements
11/07/23

Speech by Karen Friedman at the ARA Retiree Security Symposium

Karen Friedman, Executive Director of the PRC, gave a speech to attendees at the 2023 ARA Retiree Security Symposium in Washington, D.C. on October 17th. You can read her comments here.

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