You Are On Your Own

Today will be considered a watershed event.

IBM announces they will cancel their pension program in 2008.

The company will increase its 401(k) plan and match employees' contributions dollar-for-dollar to up to 6 percent of their salary. Even if employees don't contribute to their plans, IBM will still place 1 percent to 4 percent of an employee's pay into a 401(k) account.

Many companies will follow this lead. Pensions have been become a drag on earnings and a nightmare to administrate. They also don't reflect the reality of today's workplace.

Healthcare is next. Employers will only offer high deductible policies and all employees will have health savings accounts to cover years with high expenses.

More and more people are going to be required to take personal responsibility for their future.