Well, Social Security is doomed. But there are company pensions.

Right, right? Well, no.

Pension reform is high on the overloaded agenda of Congressional leaders. The need is obvious and immediate: Lots of companies have defaulted on their defined-benefit pension plans, and for many others, the clock is ticking on woefully underfunded liabilities that total a staggering $450 billion. The shortfalls--and there will be lots of them--will ultimately fall to the federal Pension Benefit Guarantee Corp., which is in no position to receive them. In fact, the PBGC currently has a roughly $23 billion deficit and counting.

Some commentators have lamented the demise of the corporate pension, but that’s like bemoaning the dearth of blacksmiths. I’d much rather have a defined contribution into a 401(k) than a pension that can be cut at any time if a company declares bankruptcy. As I’ve said many times before, the only person you can depend on for your retirement is you.