Pension plans are employer-sponsored retirement plans that guarantee a specific benefit amount upon retirement, usually based on a formula that considers years of service and salary. 401(k)s, on the other hand, are retirement savings plans where employees can contribute a portion of their salary, with some employers offering matching contributions.

The answer to this question depends on individual circumstances. Pension plans provide a guaranteed income in retirement, while 401(k)s offer more flexibility and control over investment choices. It is recommended to have a combination of both types of retirement plans for a secure financial future.

Yes, it is possible to have both a pension plan and a 401(k). Many employers offer both options to their employees, allowing them to save for retirement in different ways. Having both can provide a more diversified and secure retirement portfolio.

Yes, pension plans have become less common in recent years, with many companies shifting towards offering 401(k)s or other defined contribution plans instead. This shift puts more responsibility on employees to save for their own retirement, but also gives them more control over their investments.