Multiply Your Streams of Income

In days of yore, many Americans typically relied on a defined benefit plan (commonly referred to as simply a pension) as the anchor of their finances in retirement. A quick refresher, defined benefit plans promise a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $1,000 per month, once the employee has met the requirement(s) (e.g. length of employment) at retirement. More commonly however, retirement benefits are calculated through a plan formula that considers such factors as salary and years Read the Full Story