Ronald W. Roge, CFP
Gone are the days when a company would reward a retiree’s long years of service with a gold watch and monthly pension. Today, old-fashioned defined benefit pension plans have been replaced with 401(k)s and Individual Retirement Accounts (IRAs). These accounts require you not your employer to determine how much to save, as well as how to invest and manage those savings. They also require you to assume all the investment risks and be fully responsible for both retirement accumulations (savings) and distributions (monthly retirement checks).