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Defined Benefit Plan All the articles and ...

Defined Benefit Plan

All the articles and discussion I have read relates to 401K plans and how much money to save for retirement.  An issue needing some discussion is how a defined benefit plan works into the formula.  I will be retiring in 6 years at the age of 64 and will be able to have a guaranteed income equal to 60% of my salary.  With SS making up another 20%, I should need less in my savings if I want to retire at my salary.  I realize the cost of living increases but I will also be needing less.  Isn't receiving a set $40,000 annual income like having $800,000 in the bank and getting a 5% return?  Can you comment on how this type of plan plays into the formula? 

Thanks for your comments. JB


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