Defined contribution plans like 401(k) are far safer for workers than defined benefit pensions. With a 401(k) you have a numbered account and you really own the assets in it. They can't be arbitrarily taken away. And if you want lower risks as you approach retirement just shift your asset allocation from stocks to highly rated bonds; in fact many plans now have a default lifecycle fund which does that automatically.
Pensions might appear safe but it's all an illusion. If the employer becomes insolvent then you'll only receive a fraction of what you're owed; PBGC insurance is very limited.
Pensions might appear safe but it's all an illusion. If the employer becomes insolvent then you'll only receive a fraction of what you're owed; PBGC insurance is very limited.