In the days when people would spend an entire lifetime working for one employer, they were frequently given gold watches at their retirement parties. While that tradition may now seem old fashioned, there's one thing that's becoming even more antiquated: pensions. The Los Angeles Times now reports that two-thirds of those employers who still offer pensions are eliminating them for new hires or planning to do so in the next few months. It's getting to the point where pensions will be a forgotten concept for future generations of workers.

The reality is that you need to think in terms of how you are going to pay for your own retirement. You can not rely on somebody else; that kind of support is increasingly not there. Clark recalls the donnybrook that took place in the Supreme Court when IBM battled to change its pension plan. The computer maker won and cheated out longtime employees who were counting on pension funds for their retirement. The moral here is that if you're relying on a company to provide for you or your family in the golden years, it's time to reassess your plans for the future.