Compounding the issues you examine, Byrne, is the probability that the US government will inflate its way out of the horrific debt it’s creating from the various fiscal stimulus packages initiated over the last couple of years added on top of what was already a very unwise level of deficit spending. As pensions in the USA aren’t strictly index-linked this will have the result of devaluing them significantly. To put it plainly: a $2,000 per month pension in a few years from now will be worth a lot less than $2,000 in real terms.