Going from defined pension to 401k..
I know I know, who would ever leave the FD, the pension is so great. But, I'm considering leaving for a private sector job that intrigues me, and I'd be forced to go into a 401k retirement, left with likely cashing out my defined benefits pension to roll over into my new retirement account.
I'm certain there are others out there who have done this, I wanted to know your experiences. This new employer does have a 50% match up to 4%, so I could put in 8% and get 12% total each year.
At the end of the day, when the rubber meets the road, can a 401k ever stack up to our plan? Having been a career firefighter most of my life, I've not paid in to social security either, so I don't even have that cushion. This weighs heavy on my mind and is a huge factor that I need to consider before I jump ship.