EPISODE #050

THIS IS HOW TO MAXIMIZE ON YOUR PENSION FOR RETIREMENT

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5 Ways Your Wealth Is Under Attack book

5 WAYS YOUR WEALTH IS UNDER ATTACK

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The 19 Sources of Retirement Income: Pensions

In this sources for retirement episode, John will discuss pensions. He’ll talk about the payout options that are available for you and your spouse. He will also point out some considerations when deciding how to choose among them.

John has lectured extensively on financial planning and is the author of 5 Ways Your Wealth is Under Attack and It’s Your Wealth – Keep It.

John’s strength is his ability and commitment to improve the level and quality of the financial planning process.

His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.

Don’t miss John’s takeaways:

  • For most retirees, pensions are a key component of their retirement income.
  • Pensions are offered in lump sums or in monthly payouts, but the latter is more common.
  • You may face a wide variety of monthly payout options. This may include “life only” / “single life,” “joint survivor 50%,” “joint survivor 100%,” and many others.

Plus:

  • When considering the pension you’re being offered, it’s vital to learn the following:
    • What is the pension’s funding rate? That is, what are the plan’s assets compared to its liabilities? (The pension funds of many organizations are in trouble.)
    • How is the health of your organization? (Knowing this will help you determine whether you take a lump sum or a monthly payment. Taking the lump sum means you take on the investment risk yourself. But if your company is not in good health, it may be worth it.
    • How is your own health / what’s your life expectancy?
  • When considering how your pension fits into your retirement plan, consider:
    • Your pension income will be taxed as ordinary income.
    • Know your income requirements. How much will your pension cover and how much do you need to get from other sources of retirement income?

For more, listen above, and download the guide.

If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here.

You can also connect with us on social media, or call us at (800) 797-1000. We’ll help you figure out how to maximize your pension for retirement. We’ll also help you determine how it fits into your overall retirement plan.

Talk to a Smallwood Wealth Management Financial Advisor

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