One thought on pension plans: yeah, I miss them, but they sure didn't cover everybody. They were a major factor for anyone who managed to make it 25 or 30 years at one place, but who can manage that? The way the plans were structured, even if you worked 3 jobs long enough to qualify for a pension at each, you were far worse off than if you stayed at the same employer. Here's my history:
Job 1, 1975-1978. They may have had a pension plan but I wasn't there long enough to find out. I left for better opportunities in an area with more companies in my field.
Job 2, 1978-1985. They had a pension plan but it was 10-year cliff vesting (zero vested till 10 years, then 100%). I left because they were acquired and I would have had to relocate; husband's job was in the area so I couldn't.
Job 3, 1985-1995. Generous plan, I was vested, but it has some sort of co-ordination with SS (you're guaranteed $X but they subtract SS before they determine what they pay). Useless in my case. I was part of a wave of downsizing before an IPO.
Jobs 4 and 5, 2 small consulting firms, 1995-2002. No pension, 401(k) only.
Job 6: Sub of large company with gold-plated pension plan, 2002 till it was acquired in 2006. I'm vested in $987/month from that job, and am collecting it. I'll take it.
Company which acquired us did not cover us in pension plan, but did add 6% (on top of 6% match) to 401(k) if you weren't covered. I left in 2012 when opportunities dried up there.
Company 7, 2012-2014- no pension plan, decent 401(k) match.
So, back when pensions were more common I worked from 1975-1995 with no pension to show for it. A corporate acquisition meant I was dumped out of another with only a small accrual (and no COLA).
Maybe the 401(k) isn't as evil as it looks, if we could just teach people to use it, and not raid it to pay for DD's dream wedding.