No pension. I've sometimes felt that there should be parallel forums for folks w/pensions and those without. When you have no pension, you only get one chance to get it right. The other important thing is that most Americans with government pensions and some with corporate & union pensions, is that they usually get subsidized and guaranteed health insurance along with their pension. Those of us with no pension in the USA often had to deal with the ACA and the high premiums in the years before Medicare begins, as well as occasional nail-biting when there have been attempts to end the ACA. I'm thankful that the ACA began its existence when I wanted to ER.
I'm always amazed when I talk with government employees, at how many are completely clueless about the fact that pensions have largely ceased to exist in the private sector. And don't get me started and say "well why didn't you get a government job?". I had been working for a megacorp for over 10 years when I went into work one morning and found a memo stating that the pension plan and retiree healthcare were ending immediately, except for those employees who were already vested (25+ years IIRC). I got some piddling "cash value" for my 10+ years which I rolled over to my IRA. Folks who were within a year or two of being vested were really screwed.
I know of one retired GS-15 federal employee whose CSRS COLA'd pension began in the low 6 figures, and this person was genuinely worried about being able to live on that!
As for those federal employees with less insanely generous FERS pensions, that COLA'd pension is probably still far better than 98% of other Americans' retirement incomes, but they also will get Social Security, so they should be sitting pretty.
The lack of a pension is one of the reasons I'm waiting until age 70 to start collecting Social Security. I want to maximize the monthly amount.