Pension or Annuity?
Both pension and annuity plans can be excellent options for saving for retirement. Still, they differ in how they operate and the level of control the individual has over their savings. Determining the choice depends on the individual’s unique circumstances and financial goals.
It’s always wise to seek professional financial advice before making investment decisions, which applies to choosing between a pension and an annuity plan.
By consulting with a financial advisor, you can discuss your options and weigh the pros and cons of each, as well as identify the best solution for your unique situation. Let Bryan help you decide which is best by listening to him as he weighs the options in today’s episode.
What You’ll Learn From This Episode:
[1:57] Pension or Annuity?
[4:28] Do you need to take income payments or a large sum of your employer’s pension?
[6:23] Why do some people look for an emotional, subjective connection toward retirement?
[7:03] The Three Categories
[10:47] You can live without remainder to heirs with an employer pension.
[12:02] For others, the pension lump sum might be a relatively small percentage of their assets.
[12:50] For everyone who doesn’t want risks, buying annuities works wonders.
[5:58] “I look at the best mathematical way to accomplish something in retirement.”
[7:20] “Using an annuity is the closest similarity you can get. In many cases, an annuity is safer than a pension.”
[15:18] “That’s the thing about annuities. You have all the control.”
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