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The US has a defined benefit pension called Social Security. It is relatively generous compared to retirement pensions in other countries. A defined contributio
by jandrewrogers 2y ago
The US has a defined benefit pension called Social Security. It is relatively generous compared to retirement pensions in other countries. A defined contribution plan like 401k is in addition to this pension; most developed countries also have something similar. In this regard there is nothing unique about the US.