Structuring My Pension

Am I making the right decisions about structuring my pension?

There are often many options to consider when leaving a pension plan at retirement or when you move to a new career. It’s important to get advice you trust because pension decisions can often be final. Some key considerations include looking at the restrictions in your plan, determining how to make your pension a part of your retirement plan, and whether your pension has changed over time. Talk to a BlueRock Wealth advisor to evaluate your investment strategy so you get the most from it now.

 

Read a client story about how pensions can have a real-life impact.

Am I making the right choices about structuring my pension?

Bill thought so, until the unexpected happened.

Bill and Kate planned their pension payments based on the idea that Kate, 10 years Bill’s junior, would outlive him. Bill listed Kate as his beneficiary on his company pension plan and life insurance. Since Kate was in good health, they assumed she’d outlive him. They opted for lower monthly pension payments because Kate would no doubt work longer and this would secure her survivor benefits.

But Kate developed a terminal illness very soon into Bill’s retirement, and everything changed. Bill, who was now retired and dependent on retirement income, was left to live on a low monthly pension. Because of the assumptions he made earlier in life, these were now benefits that could never be adjusted.

The BlueRock Wealth Solution

We understand how an unexpected turn of events can change everything. We take a complete picture view of structuring our clients’ pension payouts. Age differential is just one factor we consider. But we also review the fine print of pensions and life insurance plans to identify hidden opportunities and look at all possible outcomes.

What to Ask Your BlueRock Wealth Advisor

  • How much of a reduction will I face in my pension to provide income for my spouse?
  • What other options are there?
  • Should I/ can I get life insurance?
  • What are the pros and cons of commuting my pension versus taking an income stream?