> and try to save a good 1/3 of your income for the future. But that is what pensions ARE. The people who got them took less money up front because part of the

> and try to save a good 1/3 of your income for the future. But that is what pensions ARE. The people who got them took less money up front because part of their compensation was a defined benefit pension. They WERE saving money by deferring payment. How is this any different than your 401k suddenly saying “sorry, when we said we were investing in the stock market with your money we actually used it on other stuff, so now your retirement account doesn’t have any money”? Would your response be to tell the people who were investing their retirement in the 401k, “well you should have saved money for retirement” They were trying to save money for retirement! They saved money they were making now to be used later. Are you suggesting people should only save by stuffing money in their mattress?