How Not to Die Hungry: Turn Your 401(k) Into a Pension

Millions of retirees still live off traditional pensions. Checks from a former employer arrive, and the retirees use them, along with Social Security, to buy groceries and pay rent. They might have investments, but those can be saved for the unexpected, for special occasions, or for the inheritance awaiting their kids and grandkids.

Those days are about to come to an end.

Company after company has repudiated traditional pensions, pushing younger workers into 401(k)-style retirement plans. For diligent savers, a 401(k) can accumulate a big balance, but when the time comes to start using it, things will get a lot more complicated than it was for their ...