Americans Nostalgic for Pensions Despite Shift to 401(k)s
- Pensions used to be more common but have largely been replaced by 401(k)s over the past few decades
- Most Americans think pensions are better than 401(k)s for retirement security
- Pensions offer guaranteed income, while 401(k)s shift risk to workers
- Though popular, pensions have flaws like restrictive eligibility rules
- Pensions are expensive so unlikely corporations will bring them back widely
