IF and that's a big IF one can get out early and still take a lump sum. Most pensions in the legacy carriers have some sort of restriction and the unfortunate fact is that if PBGC gets hold of the pension you are done for. They look back 3 years, take a snapshot from there back to establish FAEs (thus rendering ones best years invisible) and then say look you retired 3 years early...that's a decrement to your FAes (2.5% pa I think). As to planning for the unthinkable. Some of us got screwed by multiple bankrupcies and when you have to start at the bottom with a growing family it is next to impossible to save at the rate required to replace a pension.