Many of you are retiring with a pension and today I give you three things to consider. I also give you a little bonus by discussing a bill that could be repealed and help you out in retirement!
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Retiring with a pension can be an exciting and fulfilling time, but there are a few important things to consider before taking the plunge into retirement. Here are three things to keep in mind when you are preparing to retire with a pension:
1. Determine your cost of living
One of the first things to consider when retiring with a pension is your cost of living. Expenses such as housing costs, healthcare, food, and transportation are all important to factor into your budget. To get an accurate estimate of your cost of living, it may be helpful to consult with a financial advisor or use online budgeting tools. Knowing your cost of living will help you determine if your pension is enough to cover your expenses or if you will need to supplement with additional income or savings.
2. Review your pension plan options
When you retire with a pension, you will typically have the option of taking a lump sum payment or receiving monthly payments for the rest of your life. It’s important to review all of your options and the associated tax implications before making a decision. A lump sum payment may provide immediate cash flow, but you will be responsible for managing the money and ensuring it lasts throughout your retirement. Monthly payments may offer more stability, but you will need to consider inflation and the possibility of the pension plan being discontinued.
3. Consider healthcare costs
Healthcare costs can be a major expense for retirees, especially as they age and require more medical care. It’s essential to review your healthcare coverage options and determine if you are eligible for Medicare or other government programs. If you plan to retire before you are eligible for Medicare, you may need to purchase private health insurance, which can be expensive. It’s important to factor these costs into your retirement budget so you can create a plan to cover them.
In conclusion, retiring with a pension can be an exciting time, but it’s essential to consider your cost of living, pension plan options, and healthcare costs before making a decision. By properly planning and budgeting for retirement, you can enjoy this new phase of your life with financial stability and peace of mind.
Government Pension Offset….is horrible for Widowed Teachers!!!
Military pensions come with free/low-cost medical/dental and possibly disability payments in addition to the pension.
retire with not enough money, you worry
retire with too much taxable money, you scary
That's if you are lucky to work with a company that has one. Practically non existent in the US now. Years ago, pensions for retirement and medical coverage was the standard in the US for larger companies. Then came the 401k. Betcha wish pensions were still around huh ? These along with social security could take care of you after retirement. But the Global Economy, buyouts, moving offshore, etc…big business getting what they wanted through Congress, took care of all that. Employees in the US were thrown off the back of the bus.
Great advice. I'm lucky that I'm a retired firefighter but worked enough on the side to to have 30 years of substantial earnings so I'll get all of my SS benefits when I apply at 62. I hope they do eliminate the WEP because it will help out a bunch of my fellow first responders that take about a 50% hit on their SS.
The(GPO) government pension offset is part of the ruling spread the word!
If someone never paid into SS why should they be entitled to it? Isn't SS already severely underfunded .
My wife works for a non-profit and has not paid SS. It's crazy that she could get spousal SS if she didn't work at all but is penalized because of working where is did.
Having a pension from public company, is a good thing in more ways then one.
I'm a firefighter retiring in November. Thanks for touching on the topic. Amy future videos on public service worker dilemmas would be appreciated. Keep up the good work!
FINALLY! Someone touches on this subject! A lot of content seems to believe that retiring with a pension is worry free.
I'd love to see Jazz Wealth expound more on this subject. I've even talked to Dustin about having JW manage the funds in my 457. Seeing that retirement is hopefully 24 months away, I'll probably be speaking to Eric about it too.
One thing though, why does everyone refer to pensions as living on a fixed income?? Having a salary is a fixed income as well!
Thanks for the vid.
Thanks Eric great advice
Windfall elimination provision WEP. Basically a penalty for having a pension. Even if you have paid into social security, unless you have 30 years of substantial earnings, you will get a reduced amount.
This is good. I have an old 401k that I transferred into my IRA, a very small HSA, and maxing out my IRA now but my new job has a pension through the state.
I'm a Rail Road worker..and we don't pay SS…and my understanding is we won't collect it either…
Windfall elimination tax, I think. It takes ALOT of research to find out about it. I thought it was capped at (something like) 25% reduction in benefits . . . After all, you worked, earned qualifying money, so you still have an amount coming (I hope). It's just reduced by a formula with a cap. I worked enough to qualify for about $1300/month in SS. Then 23 years in state service where we pay into a pension plan. But my SS annual statements continue to come with estimates. Great topic, thanks.