Consumer Confidential: Average CEO has to make do with $253,088 in monthly pension payments
In 1998, about half of all private-sector employers in the United States offered newly hired workers a defined-benefit pension for their retirement.
By 2015, that percentage dropped to just 5 percent, according to the consulting firm Willis Towers Watson.
Nearly all private-sector workers now make do with a 401(k) plan - and the average 401(k) balance is roughly $95,000, which comes nowhere close to what the typical American will require in their sunset years.
By the age of 65, experts say, someone making $75,000 annually should have at least eight times their annual salary socked away, or a minimum of $600,000.
Which brings us to Richard Smith,
