If you're one of the few workers still covered by a pension, consider yourself lucky — very lucky. Pensions, once a standard fixture of corporate America, are about as rare as a climate-change believer in the incoming Trump administration.
According to the Bureau of Labor Statistics, just 20 percent of the private-sector workers can rely on a pension to fund their retirements. But in 1980, 38 percent of private-sector workers were covered by a pension. Public-sector workers have better access to pensions, but over the years they've had to contribute more of their own money to their pensions.
Why are pensions so rare? Simple, said Michael Baker, a certified financial planner with Vertex Capital Advisors. "They're expensive."