Does a Pension Last a Lifetime? Understanding Your Guaranteed Retirement Income
According to the Pension Benefit Guaranty Corporation (PBGC), defined benefit pension plans must provide an annuity, or monthly benefit, for the life of a retired worker, no matter how long they live. However, the certainty of whether a pension will truly last a lifetime depends on several key factors, including the type of pension, the financial health of the sponsor, and the payout options you select.