“Today’s workers fear that they might run out of retirement savings before they die. It’s important to compare how defined benefit and defined contribution pension funds work and know what you should expect. How do you make your savings last the rest of your life?
Most workers do not have the time to follow the financial markets closely or to do the research needed to make the best investment decisions for their 401(k)s.
The Fund has done a good job of fulfilling its mission. It is never too early to start saving for retirement. It comes faster than you think. Most ILPF participants have their contributions deducted from their paychecks. It’s an easy way to set money aside, and it removes the temptation to spend your retirement savings on other things. I’ve seen too many people who have scrimped on their contributions and suffered in retirement. It is critical to have multiple sources of income for retirement. While my annual salary is lower than when I was working, my take home pay is actually higher! Belonging to defined benefit pension funds is what allowed me to retire and the ILPF has had the strongest performance of all my pensions.”