Most people will receive Social Security payments in retirement. A fortunate few will also receive public or private traditional pension payments. But you can’t necessarily count on these sources to provide enough income to fund a comfortable retirement. Even if you will receive income from both, it’s a good idea to diversify your sources of retirement income.
Instead of counting on a pension or even Social Security benefits, you need to take more responsibility for your retirement planning. Your pension and Social Security benefits will likely still be there when you retire, but as many current retirees have learned, the benefits could be reduced or the cost of living increases may not keep pace with your expenses.