What if that old pension you barely think about is secretly one of the most valuable assets in your retirement plan? Bill and Jackie welcome back financial planner and educator, Andy Panko for a deep dive into the increasingly rare (but far from extinct) world of pensions. They explore plans from private and government employers and why a seemingly small monthly check can dramatically change the work the rest of your portfolio has to do.
This episode covers
- Why pensions are less common but still relevant to millions of workers
- What it actually means when an employer "freezes" a pension
- How to think about a pension as part of your overall retirement portfolio
- The risks behind private, federal, state, and municipal pension promises
- Lump sum versus lifetime monthly payments and the trade-offs of each
- Single-life, joint-and-survivor, period-certain, and inflation-adjusted pension options
- Why guaranteed income can give retirees psychological permission to spend
- When comparing an employer pension with a commercial income annuity may make sense
- Andy's four-question framework for deciding whether lifetime payments fit your plan
- Jackie's pension options and her final decision to turn on lifetime monthly payments
- Where to find old or forgotten pensions from previous employers
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RESOURCES MENTIONED ON THE SHOW
Tenon Financial website
Retirement Planning Education website
Andy's podcast
Andy's Youtube
Andy's LinkedIn
Retirement Savings Lost and Found Database
Pension Benefit Guaranty Corporation (PBGC)
Dinkytown.net- Pension vs. Lump Sum Payout Calculator
Estimate Immediate Annuities
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📌Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.
