Kodak is terminating a pension plan that 35,000 participants rely on for retirement funds, offering a lump sum or annuity payout. Those years away from retirement may face savings shortfalls despite the payout. Mid-career employees are hit the hardest by pension terminations, missing out on long-term accruals.

Retirees and near-retirees should focus on growing their money faster than spending to cover inflation and healthcare costs. For those with years left in their career, starting a retirement plan early and investing wisely is crucial. Compound interest can significantly boost retirement savings compared to traditional savings accounts.

Read more at Yahoo Finance: Expert Tips for Protecting Your Retirement