Are we going to be OK in retirement without healthy defined benefit pensions?

Are we going to be OK in retirement without healthy defined benefit employer pensions? This is the question Anthony, 54, and Deirdre, 53, are trying to answer.

“The only reason my parents were able to retire is because they both had defined benefit pensions that pay them a good regular income,” said Anthony.

“My wife has worked part time most of her adult life to better care for and raise our children. Her salary over the last 20 years has never surpassed $15,000. I work in the hospitality industry and about three years ago took on a five-year contract position that pays $125,000 a year before tax and does have a defined benefit plan that will pay two per cent for every year worked. Throughout our working lives we have been diligent about saving and investing. We are funding our retirement and we don’t know if what we’ve saved is going to be enough.”