I hope I can quit working in a few years: A preview of the U.S. without pensions

[Xolodno]

21. Social Security was implemented to supplement your retirement income.

Not be only income. Pensions were supposed to be the dominant retirement income...however, the cost to administrate them have been shooting through the roof...almost on purpose to eliminate them.

Company I work for is freezing theirs this year. I'm grandfathered in the defined benefit plan, but a few years back, they switched to defined contribution for the newer employee's...now they are eliminating it and contributing 3% extra to the 401k, no need to match. Granted, they match up to 6% currently...but you still have to match. But I told the younger employee's....just wait in five years, they will change it and you'll have to match it. Yes that means the company will match up to 9%...but you still have to contribute...whereas in the past you didn't.

And I wouldn't be surprised later if they tie the extra 3% to the companies performance. They did that years ago with the bonus, with the usual BS "Oh but if we exceed our goals, your bonus will even be larger than before!" Take note, we've yet to meet all our goals and have continued to receive less than what we got before.