WHAT TO EXPECT WHEN YOU’RE EXPECTING A PENSION:

The outlook is not good, and it’s not clear what happens if states genuinely can’t pay what’s owed. Eventually, presumably, taxpayers and pensioners are going to have to split the bill, and the worse the funding levels, the more retirees are probably going to have to take the hit.

That said, assuming no payout at all is pretty extreme. KPERS is far from the worst offender on this front, and its managers are taking steps to make up their funding gap (though politicians may toy with the idea of reversing some of those steps as they begin to crunch the budget). Even if the worst happens, pensioners will not get nothing; they just won’t get as much as they were promised.

However, it’s still a good idea to diversify. Open up some IRAs, traditional or Roths, and once you’ve maxed those out, a taxable mutual fund account. That will ensure that if cuts do come, you will not suddenly see your income expectations dramatically reduced just at the time when you are least able to absorb the blow. Shoot for 10 percent of your income in non-pension savings, and then if you get your full pension, you’ll have that much more money for a fun retirement and spoiling your grandchildren.

Good advice. I don’t get a state pension — I have a defined-contribution plan — but if I did have a pension, this is exactly what I’d be doing.