My defined benefit pension is the fixed income part of my 4% rule retirement plan.
It’s about 80% of my BASE salary when I was working, and still covers my normal living expenses.
I get a COLA every couple years, too, but it’s not quite keeping up with inflation.
I’ll start taking SS in a couple years, which will increase my income enough for some “excess” each month.
SS will be part of my fixed income.
I have taxable brokerage and ROTH IRA for the equities portion of the 4% retirement plan.
My coworkers were(are) post grad educated (many PhD) and had the same issues Darryl describes: didn’t check the box, got advice from vulture financial planners, high fee MFs n ETFs etc.
It’s a lack of financial education, not “blue collar” or “white collar”.
I’ve NEVER worked anywhere that offered financial education.
When I talk to my former coworkers, they often tell me they are afraid to retire on their 403b.
ralph