Boeing's Pension Scale Back Is a Sign of the Coming Times

pension savings plan
Flickr/emiliezhang - Fotolia

The past week has brought two ultimately related pieces of news. Boeing announced it would freeze pensions for 68,000 non-union workers and move them into a 401(k)-style retirement plan, according to Bloomberg. The change starts in 2016 and is intended to cut costs, according to the report.

Separately, AARP conducted a survey on baby boomers -- people aged 46 to 64 -- and their current financial status. The short answer was pretty bad. Only 22 percent described themselves as doing very or extremely well. Another 46 percent said somewhat well and 31 percent replied not very well or not well at all. Taken together, the two stories provide a disturbing snapshot of retirement. It's likely to look ugly for many.