What are defined benefit plans & defined contribution plans?

Defined benefit plans and defined contribution plans are two distinct retirement options. A defined benefit plan offers a fixed income stream upon retirement, appealing to individuals seeking stability and predictability in their retirement income.

What is the difference between defined benefit and defined contribution?

A defined benefit plan is the responsibility of the employer, while the employee takes responsibility for a defined contribution plan. We’ll discuss the differences as well as the pros and cons. A financial advisor can help you get a handle on options for saving for retirement.

Should I choose a defined benefit or defined contribution retirement plan?

The choice between the two may also be influenced by employment type and the retirement plans offered by various organizations. Consult with a professional financial advisor to understand the pros and cons of defined benefit and defined contribution retirement plans and to know which of the two plans would suit your financial needs and goals.