A big cut into someone's plan for retirement is hard news to hear.
"It's very disturbing. It's got to be extremely stressful for those that are depending on pension income or getting pensions in some point in the future," Financial adviser John Miller said.
Miller offers advice for people looking to save money for their future, but he says anyone who views their pension as a retirement nest egg needs to look for a different plan now.
"Unfortunately, we don't set money aside, as we should for reserves, to meet emergencies. Sometimes, we learn, unfortunately, the hard way and usually when it's too late," Miller said.
He says people who have put money into a 401k plan will be better off financially than someone relying on a pension. It's a safer bet, and money you can manage.
News 8 on Thursday spoke with Terry and Judy Weeks.
Terry's pension, after 30 years of work at Eagle Foods, will be cut by nearly $2,000 a month. They say there is some money saved away outside that pension, but it's not enough to keep them going through their retirement.
"We're still almost $9,000 in the hole. If I work full time, and that's the rest of my life. Meaning, I can never retire. I don't want to do that. I don't want to be 70 years old and going to work every day," Judy Weeks said.
However, that's the reality many families like the Weeks may have to face.
"They have to work because they have to, which is too bad. When you've worked all your career and then retire and suddenly you find out you don't have adequate funds to live comfortably during retirement," Miller said.
For people relying on their pensions, it may be too late to get that money back. For everyone else, he says save now for a chance to be ready when retirement arrives.
Miller says that it wouldn't be out of the question to see more cuts to pension plans down the road, so he says to meet with a financial adviser to see what other savings plans work best for you.