Pensions are a negligible source of income for the younger generation

[GummyBearz]

16. Yes, this is the thing

I feel really bad for people like your uncle who were promised retirement funding for life by a pension plan, and then got screwed out of it. Pensions were the best options for the older generation, and they worked for a good amount of time. Now, they aren't working (other than state/federal government pensions). I just don't want to find myself in your uncles shoes. I definitely don't blame him for believing in pensions, as they had always worked before. But now that the younger generation are aware that pensions can, and DO, go bankrupt, we need to take that into consideration.

When I hit 60, I will know the exact status of my 401k. Whereas my pension is this black box that I don't know will exist in 1 year, 5 years, 10 years, 100 years... and I like to have control of my own fate.