In a Forbes column, NIRS Executive Director Dan Doonan writes that during the unprecedented COVID-19 global health and economic crisis, pension funds remained a stable and reliable source of income for retirees. More specifically, pension plans paid out $612.6 billion in retirement income to nearly 25 million public and private sector retirees in communities across the nation.
Unlike retirees with 401(k) account balances that plummeted amid market volatility, retirees with a pension continued to receive a reliable and stable monthly income. And that meant pensioners could feel confident spending at the same rate despite the economic turmoil, while retirees lacking a pension likely were fearful of spending their nest egg.
