What is a pension
A pension is in a lot of ways like Social Security. It is a benefit you have earned and are entitled to at some point.
However, pensions can differ from Social Security in a lot of ways. Credit Risk of the underlying institution and more distribution options, such as
Common to have a cash-out option, more survivorship options, and less likely to get a COLI
Like Social Security, when selecting benefits, you must consider different variables. Because pensions offer different options, it is more complicated.
A Real Example of Planning At Work! Retiree age 55 with a cash option pension, cash, IRA, and 401k.
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