In order to protect the rights of private enterprise employees to receive “pensions”, the federal government has an agency called the “Pension Benefit Guaranty Corporation”, which specializes in underwriting the “pensions” of private enterprise employees. Its main responsibility is to ensure that private company employees will not be deprived of retirement wages due to business closures, mergers or funding shortages, so that employees participating in private enterprise “pension” plans can rest assured.
We have introduced two types of retirement wages for Americans after retirement, namely social security benefits and pensions. Generally speaking, no matter which type of retirement wages, for retired people, it generally guarantees the financial needs of their later years. According to the Federal Reserve’s “Economic Well-Being of US Households in 2023”, about 80% of retirees said that their financial situation is good, which is higher than the overall assessment of adults on their financial situation.
