Old-fashioned pensions might be disappearing, but they haven't vanished. According to a report published in 2010 by the U.S. Bureau of Labor Statistics, 20% of private industry workers and 79% of state and local government workers were participating in a defined-benefit (DB) retirement plan.

Connie Stone, who heads Stepping Stone Financial in Chagrin Falls, Ohio, advises these clients, who are widows, corporate executives, professionals and educators expecting to receive or are currently receiving payments from DB pensions. Some of the financial planners interviewed for this article indicated that approximately 10% of their clients now receive pensions or may receive them in the future.

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