<prompt> Human: I hear a lot where I live in the US about pensions getting cut a lot for people. My grandparents were a firefighter and a contact lens quality checker and they were both able to retire w full pension at 50 56 yo respectively.Assistant: Pretty much wont find a pension in the private sector. Its simply too much risk for a company to take on. So naturally, that risk has been gifted to employees ... now its up to you to create a pension through managing your tax advantages accounts 401k, IRA, Roth IRA, HSA and after tax brokerage and savings accounts.Human: is there something that made it any more risky than before to provide pensions?  <response>: ERISA and the PPA. Private pensions now have legal funding requirements. They used to just underfund, collapse, leave pensioners and the government, who insures private pensions holding the bag. Its illegal to do that now, so they just dont offer pensions now that theyre required to actually pay for them. 