A pension changes retirement planning because it introduces a more predictable base of income than many households get from investment accounts alone.
Why that matters
Guaranteed income can reduce pressure on other assets, change withdrawal planning, and alter how much portfolio risk a household is willing to take.
Why it still needs context
Pensions vary by payout structure, survivor benefits, inflation protection, and integration with Social Security or other income.
Bottom line
A pension is not just another account. It changes the architecture of retirement income planning.