Since 1981, private sector defined retirement benefits have shrunk from 60% to 10% of workers

[buzzroller]

9. Good Point

In addition to the issue of greater fees and the burden of normal investment risks, an individual without a pension faces timing risk. This is the chance that he or she picked a bad time to retire and the market falls right before or after retirement without sufficient time to make up losses. Even with proper allocation of investments, this risk is impossible to overcome without a cushion of more funds than you needed.
It is also, in my opinion, one of the greatest advantages of a pension. A non-profit annuity, if available, could help, but I haven't seen them available.