Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How to plan for retirement with a Pension? A couple basic things to consider. First is this pension going to be enough? Are you able to fund other investment choices to boost your retirement income? How is debt going into retirement?
The main thing in planning with a defined benefit pension is going to be what survivor option to take? Take a full pension and if you pass before your spouse, the money stops. Take a partial pension with survivor benefits and you leave money behind or if your spouse passes before you, lost retirement funds. This is where life insurance can come to the rescue, as a life policy can allow a person to pension max their retirement with the life insurance policy becoming a secondary pension plan for your spouse if you pass before them.
.JPG){kind=avatar}
The main thing in planning with a defined benefit pension is going to be what survivor option to take? Take a full pension and if you pass before your spouse, the money stops. Take a partial pension with survivor benefits and you leave money behind or if your spouse passes before you, lost retirement funds. This is where life insurance can come to the rescue, as a life policy can allow a person to pension max their retirement with the life insurance policy becoming a secondary pension plan for your spouse if you pass before them.