What is a pension? What is a Defined Benefit Pension? How should I take my pension? In this 2-Minute Tuesday video I share some nuggets of info about what a pension is and specifically outline a few examples for Firefighters.
There are two types of pensions: a Defined CONTRIBUTION Pension & a Defined BENEFIT Pension.
A Defined Contribution Pension is where the employee makes contributions into their account – such as a 401k…however…most people just refer to these as “401k’s” and not pensions.
A Defined Benefit Pension is where the employer only makes contributions (based on employee salary) into the pension…in America when most people refer to “pensions” they are referring to this Defined Benefit Pension where you can annuitize your pension account and create an income stream for life.
Deciding on when you retire and how you take your pensions during retirement are very personal financial decisions and should be planned years & decades in advance in order for you to have a successful financial retirement.
If you are married to a Firefighter or anyone that might receive a pension as part of their retirement benefits – THIS VIDEO IS FOR YOU. Hope you learn a thing or two!
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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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We have so much respect for our Firefighters, police officers, those who serve, the military, and hope you get some nuggets from this video about pensions.
How to Pay Off Your Debt: https://youtu.be/V9E-N3Pm2m4
Roth 401k vs 401k: https://youtu.be/4lfnZ4ba1kc
I'm glad I stumbled upon your videos, I had a question that I can't seem to find an answer on. I just accepted a job offer as a firefighter and registered with the Ohio Police and Fire Pension. I have years of military service that I was told can go towards the pension. Do I have to pay out of pocket to buy my years of military service, or how does that work?
Hey Kyle – would love a deeper dive into the topic as someone who is 11 years into a defined benefit plan with a large school district. How does this impact my “net worth”, now and in the future? Can this income stream be counted on? Is defined better than market exposure?
Appreciate it!