Congress is now voting on legislation which would allow the pensions of people already retired to be cut...
For many individuals in or retired from positions in higher education or basic research, this plan has always been in effect. The pensions in these professions are for the most part tied to bond funds and the stock market. When stocks do well, the annual increase in annuity payments ( via the pension) increase. When the stock market does poorly, the annuity payments will fall. The bond funds ( in annuities ) remain fairly constant but at a low % yield.
Most individuals with these types of pensions ( annuities) position a % of their retirement money in bonds ( 50%?) and in stocks ( 50%).
Likewise, to safe guard for the future, many indivudals set up additional annuities ( on a tax-deferred basis) so that they have additional sources of retirement money ( if they need it ) as they age.
Remember, many Americans are living to 100+ today.
Thus, while working, an individual should continue to save ( funds outside his/her pension) and even after entering into retirement to have a safe financial future during retirement. Save and plan to live to at least 100 years of age.