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    Consumer Confidential: Average CEO has to make do with $253,088 in monthly pension payments

    by By David Lazarus, Los Angeles Times Oct 05, 2017 4 minutes

    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,

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