Pension Income Planning

Make informed decisions about your pension options with our “Pension Income Planning” guide. This resource covers the key choices available to retirees, including lifetime payments, joint and survivor benefits, and the financial implications of each option. Learn about strategies such as using life insurance to protect a spouse’s income and the tax consequences of different pension choices.

Highlights:

• Pension Options: Explains lifetime payments, joint and 50% survivor payments, and joint and 100% survivor payments, including their respective benefits and trade-offs.

• Insurance Strategy: Discusses purchasing life insurance to provide income for a surviving spouse, potentially allowing retirees to choose the lifetime payment option.

• Tax Considerations: Details the tax implications of pension payouts and insurance benefits, including the taxable nature of pension income and the tax-free status of life insurance payouts.

• Example Scenarios: Provides illustrative examples, such as a case study of a retiree choosing between different pension options.