Your 1-Minute Business Leadership Tip
What do the giant panda, the polar bear, and a pension plan have in common?
All three are nearly extinct.
At Easter time this year we took a family vacation to Victoria, British Columbia. We had many adventures including the Redwood forests, Butchart Gardens and one of the family favorites was the Royal British Columbia Museum. I highly recommend it, they have some great exhibits. I never thought childhood items like cassettes and VHS Tapes would be in a museum already. Our kids love nature and they were amazed to learn about the extinction of the dodo bird.
Nearly extinct and extinct animals have organizations raising funds to save them. They have awareness campaigns, buttons, slogans, and adoptions.
But what about the old-fashioned pension plan?
No awareness campaigns. No buttons. No slogans.
In the old day, people worked for the same company for 50 years and retired with a gold watch… and a lifetime pension income to support them during retirement.
An income for LIFE. That they couldn’t outlive, no matter how long they lived.
In 2011, only about 10 percent of all private sector employers had pensions, down from 85 percent in 1981. In just 30 years, pensions went from common to nearly extinct.
Soon, you will find pension plans on the extinct list along with the dodo bird.
What does that mean for you?
You are on your own.
Which is why you must have a custom retirement income plan that produces predictable income that you can’t outlive.
Tim Hansen B.Comm., CFP
Certified Financial Planner
“I can't change the direction of the wind, but I can adjust my sails to always reach my destination.”
- Jimmy Dean