Source: Yahoo! Finance
Boeing machinists are voting on a new tentative labor contract that could end the five-week strike. Salvatore Capizzi, Dunham & Associates Investment Counsel Inc. executive vice president, joins Wealth! to discuss why defined benefit pensions are important for the union.
“I think it comes down to the fact that we’re all recognizing the fact that we are going to be living longer… If we as a society are living longer, the 401 (k)s, the traditional defined contribution plans, do they really provide the amount of protection we need in retirement for income as the old defined contribution plans do? And the answer is no,” Capizzi tells Yahoo Finance.