In general, no longer do Social Security benefits and employee pension plan benefits cover enough of the typical retirees expenses. More and more firms are discontinuing previous commitments to providing generous pension plans to employees. Two major types of employee retirement plans are a defined benefit plan and a defined contribution plan.

Respond to the following in a minimum of 175 words:

• Discuss advantages and disadvantages of both retirement plans: defined benefit and a defined contribution.
• If you were allowed to only select one plan for your retirement among the above two retirement plans, which would it be and why?