In a retirement savings crisis, defined benefit plans can help.

Americans are feeling pessimistic about their retirements, with 79% saying they feel the nation is facing a retirement savings crisis, according to the National Institute on Retirement Security. Segal Marco Advisors Chief Investment Officer Sue Crotty joins Wealth! to discuss the best ways Americans can start planning for their retirements despite current pressures.
"As everybody knows, we probably can't retire on social security alone," Crotty explains, saying people must find additional ways to save. She points to defined benefit and contribution plans as ways to steadily grow wealth.
She adds, "Part of the problem is that it's just not in the nature of many people these days to put that extra dollar away." Retirement plans are crucial because they compound, and some employers provide matching contributions, Crotty notes.

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