The concept of a pension is something that private employers have all but abandoned, putting more of the onus of retirement savings onto the individual. But most public positions still offer a pension, and so many Americans either currently work towards a pension or are already receiving benefits.

And that’s why the coming pension crisis is such a big deal. If you are one of the many Americans who could be impacted when pensions suddenly run out of money, it’s time to start planning.

A combination of poor investment returns and an aging population has led many public pension funds to be underfunded. While it’s quite possible that the federal or state governments might intervene, it’s likely that this will still result in people not getting the full value of what they were expecting.

For more, read the full story here.

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