Are you retiring with a pension? Today we're covering a retirement plan with a pension and some risks that you should be aware of when counting on your pension for retirement!
0:00 Retirement Planning with a Pension
0:30 Risk of making the wrong election
1:00 What if my pension runs out of money?
2:45 Conduct a pension checkup
3:51 Retirement Planning For Pension RISKS
5:43 10-year certain period
6:20 Right Capital Sample Retirement Plan
7:58 Married and planning on the pension
9:05 Help Some People Out In The Comments 🙂
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
#retirement #retirementplanning #dohstr8
—Ready to subscribe—
For more information visit:
— Instagram @jazzWealth
— Twitter @jazzWealth
Business Affairs 📧Support@JazzWealth.com
Great take on pension life. Ours doesn’t have a COLA. We’re waiting on SS maybe until I’m 70 (my wife will still collect at 62) as it does have a COLA and it will be the bedrock of our retirement plans. As such we will spend a little more of OUR money early on and forgo SS until later. As the pension loses value over time to inflation, we will still have assets that grow and although smaller the pension and SS will cover our needs until the end. -Just my 2 cents.
That’s the way to do it! What other investment will get you a guaranteed 8% return and COLA and partial tax-free income? For real, does anyone know? Asking for a friend
Thanks for watching and for your input! Sounds like you have done well planning! The key is to have those assets on the side – and just be sure you account for the “what if” if someone passes early since you will lose some SS and possible some pension.
@@rayzerot Our thoughts as well. I’ve heard of this delaying strategy as “old age insurance”. We’ll still have our own funds but will rely on them a lot less in our older years as the “no-go” years will probably demand less.
Thanks for watching! Pensions can be very niche and it can be hard to find answers to your questions! If you have a question, drop it below and either we can help you out or one of your fellow peers may also chime in! 🙂
Kimberly Clark bought an annuity (50%/50%) between 2 insurance companies to cover some pensions. No cola.
Always learn something from you Eric. Thank you
Thank you! I appreciate that and your feedback on my videos lately!
Article from 2012. Has anything changed since that article was printed?
Yes! Congress has funded the PBGC with a large infusion. It is now fully funded.
I have a great federal pension, Wife does also,no debt, health insurance ( am also on medicare part A & B), zero bills, subsidized at the same rate as when employed, and will take SS at FRA, not touching, ( don’t need to) TSP/IRA except for roth conversions.
Pension is a great Pillar in retierment, like soc sec, retierment savings and equity. The more you have the better.😊
Thanks for watching and great points!
We miss the closing beat Its like a piece of us is missing when it’s not on. I would assume Dustin is moving.
I agree. I miss it greatly. What is going on? Where is Dustin?
Good discussion. I’ve been retired for 13 years. My pension (non-government) does not have a COLA benift. Between our SS and pension it covers virtually all of our expenses, and we have very ample retirement savings also. It has 75% survivor benefit. I’m currently using my RMDs for gifting within the family. It makes little sense to me to have them wait for us to die to get their inheritance; I’d rather give them funds when they need and can be more effective, so it will make more of a difference than it will later down the line for them.
Private equity investments are creeping into public sector pensions. From what I can gather, these are risky and should not be in pensions.
Thanks Eric great info.
Hey, where is Dustin? Where is the closing beat?
Retiring in 26 Work/ +21 Vacation/ 67 Calendar Days with a 70% Pension at Age 62. Social Security is Coordinated with my CalPers. I’ll deplete my 403b before I file for Social Security… Possible as late as 2027 when I file for Medicare. I’ll also have my Roth for Future Needs. The CalPers Statutory COLA is 2% starting in the Second Calendar Year, Adjusting in May… With an 80% Purchasing Power Guarantee. Disclaimer: I am my Union Local’s Retirement Guru.
At what point is delaying taking it for a larger payment worth it? Ex I retire at 58.5 and take my monthly pension at 59 and get about $1830/mo or $297K lump. If I retire at 58.5 and take the pension at 65 and get about $2750/mo, or $398K lump. I shouldn’t need the money right away, but like everyone I want the best use of the benefit.
Eric you are using an article from 2012 🤔🤔 the PBGC has been funded by congress recently.
Retiring next year at 59 with a large teachers pension that will be $8K a month with a partial COLA(1/2 inflation) and will be leaving the wife 50% if I go first. It will allow me to retire before 62 without having to touch my 403b and 401K…unless I want to. I’ll most likely be taking SS early($2700)which will be a nice boost for inflation. The pension is backed by the NYS constitution. Own my retirement place outright. Can’t wait.