Retiring With A Pension: RISKS You Need To Plan For!

Рет қаралды 6,064

Күн бұрын

Are you retiring with a pension? Today we're covering a retirement plan with a pension and some risks that you should be aware of when counting on your pension for retirement!
0:00 Retirement Planning with a Pension
0:30 Risk of making the wrong election
1:00 What if my pension runs out of money?
2:45 Conduct a pension checkup
3:51 Retirement Planning For Pension RISKS
5:43 10-year certain period
6:20 Right Capital Sample Retirement Plan
7:58 Married and planning on the pension
9:05 Help Some People Out In The Comments :)
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
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Пікірлер: 48

@Jazzwealth 18 күн бұрын

Thanks for watching! Pensions can be very niche and it can be hard to find answers to your questions! If you have a question, drop it below and either we can help you out or one of your fellow peers may also chime in! :)

@richolman6800 14 күн бұрын

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

@annephilli 14 күн бұрын

Think abt actions you’re taking that might be harming you such as carrying ovr credit card debt each month

@rosalopez5574 14 күн бұрын

I agree with the reply above. I also think you should think about steps you can take to start. Start somewhere. Anything is better than being frozen even.

@ChristianJacquet-my3rl 14 күн бұрын

In my opinion, create a budget including income and expenses, do this with a financial advisor.

@ChristianJacquet-my3rl 14 күн бұрын

Plan with a pro advsor for a successful retirement.i work with an advsor and generated over 1 5 0 %

@ChristianJacquet-my3rl 14 күн бұрын

In 11 mnths with guidance.

@nwachukwuchionyere 15 күн бұрын

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

@FlorentGulliver 15 күн бұрын

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

@nwachukwuchionyere 15 күн бұрын

@@FlorentGulliver That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

@FlorentGulliver 15 күн бұрын

@@nwachukwuchionyere My advisor is Victoria Carmen Santaella

@FlorentGulliver 15 күн бұрын

You can look her up online..

@christianalawal3695 15 күн бұрын

@@FlorentGulliver The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

@larriveeman 18 күн бұрын

I have a great federal pension, Wife does also,no debt, health insurance ( am also on medicare part A & B), zero bills, subsidized at the same rate as when employed, and will take SS at FRA, not touching, ( don't need to) TSP/IRA except for roth conversions.

@dennish4603 18 күн бұрын

Pension is a great Pillar in retierment, like soc sec, retierment savings and equity. The more you have the better.😊

@Jazzwealth 18 күн бұрын

Thanks for watching and great points!

@TheTacticalathlete 18 күн бұрын

Always learn something from you Eric. Thank you

@Jazzwealth 18 күн бұрын

Thank you! I appreciate that and your feedback on my videos lately!

@tedjohnson4451 18 күн бұрын

Retiring in 26 Work/ +21 Vacation/ 67 Calendar Days with a 70% Pension at Age 62. Social Security is Coordinated with my CalPers. I'll deplete my 403b before I file for Social Security... Possible as late as 2027 when I file for Medicare. I'll also have my Roth for Future Needs. The CalPers Statutory COLA is 2% starting in the Second Calendar Year, Adjusting in May... With an 80% Purchasing Power Guarantee. Disclaimer: I am my Union Local's Retirement Guru.

@brucesmith6868 18 күн бұрын

Thanks Eric great info.

@Jazzwealth 17 күн бұрын

Thank you, Bruce!

@ld5714 18 күн бұрын

Good discussion. I've been retired for 13 years. My pension (non-government) does not have a COLA benift. Between our SS and pension it covers virtually all of our expenses, and we have very ample retirement savings also. It has 75% survivor benefit. I'm currently using my RMDs for gifting within the family. It makes little sense to me to have them wait for us to die to get their inheritance; I'd rather give them funds when they need and can be more effective, so it will make more of a difference than it will later down the line for them.

@July.4.1776 17 күн бұрын

Eric you are using an article from 2012 🤔🤔 the PBGC has been funded by congress recently.

@rayanderson3164 18 күн бұрын

Great take on pension life. Ours doesn't have a COLA. We're waiting on SS maybe until I'm 70 (my wife will still collect at 62) as it does have a COLA and it will be the bedrock of our retirement plans. As such we will spend a little more of OUR money early on and forgo SS until later. As the pension loses value over time to inflation, we will still have assets that grow and although smaller the pension and SS will cover our needs until the end. -Just my 2 cents.

@rayzerot 18 күн бұрын

That's the way to do it! What other investment will get you a guaranteed 8% return and COLA and partial tax-free income? For real, does anyone know? Asking for a friend

@Jazzwealth 18 күн бұрын

Thanks for watching and for your input! Sounds like you have done well planning! The key is to have those assets on the side - and just be sure you account for the "what if" if someone passes early since you will lose some SS and possible some pension.

@rayanderson3164 18 күн бұрын

@@rayzerot Our thoughts as well. I've heard of this delaying strategy as "old age insurance". We'll still have our own funds but will rely on them a lot less in our older years as the "no-go" years will probably demand less.

@rayanderson3164 18 күн бұрын

@@Jazzwealth Absolutely. No plan is fool proof. We will continually be evaluating it over the years. These are broad strokes of what seems best right now. Thanks again for the video.

@ehderguyyashootadeerorno2313 18 күн бұрын

We miss the closing beat Its like a piece of us is missing when it's not on. I would assume Dustin is moving.

@p.h.1576 18 күн бұрын

I agree. I miss it greatly. What is going on? Where is Dustin?

@GusMahn 18 күн бұрын

At what point is delaying taking it for a larger payment worth it? Ex I retire at 58.5 and take my monthly pension at 59 and get about $1830/mo or $297K lump. If I retire at 58.5 and take the pension at 65 and get about $2750/mo, or $398K lump. I shouldn't need the money right away, but like everyone I want the best use of the benefit.

@MarcusJ.Hastings 12 күн бұрын

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.

@wvtaco4379 18 күн бұрын

Kimberly Clark bought an annuity (50%/50%) between 2 insurance companies to cover some pensions. No cola.

@grateful7839 16 күн бұрын

Missing stock market wrap up

@marleybeem6537 18 күн бұрын

Private equity investments are creeping into public sector pensions. From what I can gather, these are risky and should not be in pensions.

@p.h.1576 18 күн бұрын

Hey, where is Dustin? Where is the closing beat?

@Jazzwealth 17 күн бұрын

We'll be back LIVE soon! Dustin is in the middle of a pretty big move. The Closing Beat will resume as scheduled soon :)

@keithrobinson9672 17 күн бұрын

I work for the Railroad and have a great pension, and we have a cola and spouse benefit..and it's privately run so the company can't touch it.

@don3667 18 күн бұрын

Article from 2012. Has anything changed since that article was printed?

@July.4.1776 17 күн бұрын

Yes! Congress has funded the PBGC with a large infusion. It is now fully funded.

@DWilliam1 17 күн бұрын

Retiring next year at 59 with a large teachers pension that will be $8K a month with a partial COLA(1/2 inflation) and will be leaving the wife 50% if I go first. It will allow me to retire before 62 without having to touch my 403b and 401K…unless I want to. I’ll most likely be taking SS early($2700)which will be a nice boost for inflation. The pension is backed by the NYS constitution. Own my retirement place outright. Can’t wait.