Traditional pensions vs. 401(k) plans

[Niyi]

Traditional pensions involves a certain amount of money that your employer agrees to pay you after you retire.

A 401(k) plan entails an amount that you decide to keep aside in an account for retirement.

Which would you prefer as funding for your retirement?

 

[Kane]

In my home country, there is nothing like 401 K pension plan. You either get a pension from your employer or you don't get a pension. Normally, government agencies provide pensions, where as private agencies do not offer pensions. However, in case of big private companies they will give you some money upon retirement as a handshake.