Access to a pension has gone down substantially as the companies continue to shift from DB to DC plans. As a result, younger generations own a greater responsibility of saving and planning for retirement than the older generations. Less than 10% of Generation Z, who's entering the workforce now, has access to a pension. About 4 in 10 Baby Boomers who are about to retire or are in retirement have pensions. Pensions continue to provide a “paycheck” after retirement for life and not being able to rely on them at all or as much as the previous generations has many implications including when to claim Social Security and how annuities may fit into the overall retirement planning.