The disappearance of corporate pensions has some lamenting the days of guaranteed income in retirement, but pensions also have some disadvantages compared with 401(k) plans, David Ning writes. Pensions tie workers to jobs, they might not be inflation-adjusted and they leave no wealth to pass on to children. "Pensions provide stability to many retirees, but having access to one doesn't automatically make your retirement life better," Ning writes.

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