is the difference between a defined benefit and a defined contribution pension plan? (4-6 sentences) 2. What approach might a younger person use to best prepare financially for retirement? (4-6 sentences)

This chapter discusses the controversy that exists over the cost of federal retirement income programs for older people. Some writers think that the high cost of federal old-age pensions leads to less money and fewer programs for other age groups. These writers propose reduced funding for programs that serve older people. Other writers argue against reduced funding. They say that the public pension system accounts for improvements in older people’s financial well-being. And poorer people, who gain the most from a strong public pension system, would suffer the most if the government cuts funding. Future economic policies should encourage a balanced approach to retirement income. This approach includes balancing public support with private pensions, savings, and work. Please answer the following question(s). No replies are required for this week’s discussion. 1. What is the difference between a defined benefit and a defined contribution pension plan? (4-6 sentences) 2. What approach might a younger person use to best prepare financially for retirement? (4-6 sentences)

 

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