Pension plans provide a source of income during retirement, offering financial security and peace of mind. They help individuals save for their future and ensure they have a steady stream of income after they stop working.

Yes, pension plans are still relevant today as they provide a guaranteed income in retirement, unlike other retirement savings vehicles that are subject to market fluctuations. They offer a secure way to save for the future and help individuals plan for a financially stable retirement.

Pension plans are employer-sponsored retirement savings accounts where both the employer and employee contribute funds. The money is invested and grows over time, providing a source of income during retirement. Upon retirement, the individual can choose to receive regular payments or a lump sum amount from the plan.

There are two main types of pension plans: defined benefit plans and defined contribution plans. Defined benefit plans guarantee a specific amount of income in retirement based on factors such as salary and years of service. Defined contribution plans, on the other hand, allow individuals to contribute a certain amount to their retirement account, with the final amount depending on investment performance.