How to Consider Your Pension Options for Retirement - 430
Your Money, Your Wealth
Your Money, Your Wealth
4.6 • 792 Ratings
🗓️ 23 May 2023
⏱️ 42 minutes
🧾️ Download transcript
Summary
When should you take your pension, what types of things should you think about when it comes to deciding between a lump sum or a monthly annuity payment - risk protection, for example - and how do you work your pension into your overall retirement plan? Spitballing on retirement pension options, and saving to a taxable account when you're concerned about required minimum distributions or RMDs, on today's show.
Timestamps:
- 00:42 - When to Collect My Pensions: Now, Early Retirement, or Age 70? (Rose, CA)
- 12:16 - I'm Concerned About RMDs. Should I Save to a Taxable Account for Retirement? (John Doe, Seattle, WA)
- 17:33 - Pension Retirement Spitball: Are We On Track to Retire in 2032 Without Saving Any More? (Jennifer & Zeke, NY State)
- 25:32 - Roth 457 vs. Roth IRA and Pension Options Retirement Spitball (Clay, Westerville, OH - from episode 377)
- 35:39 - COMMENT: Pension Vs. Lump Sum Risk Protection (Stephen)
- 38:53 - The Derails
Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-430
- Key Financial Data Guide
- Surviving Retirement Without a Pension - YMYW TV S4E17
- Register for a free webinar: Navigating Retirement Solo, tomorrow, Wed. May 24, 2023, 12pm PT/3pm ET
- Episode Transcript
- Ask Joe & Big Al On Air
Transcript
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| 0:00.0 | When should you take your pension? What types of things should you think about when it comes to deciding between a lump sum or monthly annuity payment? |
| 0:07.0 | Risk protection, for example, and how do you work your pension into your overall retirement plan? |
| 0:12.3 | Today on Your Money, Your Wealth podcast number 430, Joe and Big Al's fitball on pension options for retirement and saving to a taxable account when you're concerned about |
| 0:21.4 | required minimum distributions or RMDs. |
| 0:24.6 | Get answers to your money questions. |
| 0:26.6 | Visit Your Money, Your Wealth.com and click Ask Joe and Big Al on air to send those questions in |
| 0:32.0 | as a voice message or an email. |
| 0:34.1 | I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson, |
| 0:38.6 | CFP, and Big Al-Clopine CPA. We got Rose from California right soon. She goes, hi, Your Money |
| 0:44.9 | Your Walth friends, or YMIW friends. I love the podcast and I've been listening weekly for a couple |
| 0:51.0 | of years. My question is on how to take my pension upon early retirement |
| 0:56.8 | at 62 next year. Should I take the lump sum of 269,000 or the monthly annuity of $1,800 per life |
| 1:05.1 | offered by my employer's retirement plan? This thing is like three pages long. How many questions does she have here? |
| 1:12.8 | Not quite three pages. All right. So I'm going to keep reading or are we going to get lost in the |
| 1:17.2 | shuffle here? No, I think you have to keep reading because the details will help us answer the first |
| 1:22.2 | question. Not it. As you can tell, Alan is a little bit more prepared than I am. |
| 1:26.8 | You don't say. |
| 1:27.9 | That never happens. |
| 1:30.4 | He's drinking mitis in Hawaii. |
| 1:32.3 | Well, I'm actually, you know, keeping the company afloat here. |
| 1:35.1 | Well, then I better get prepared if I've had a couple of mitis in me. |
| 1:40.9 | Let's see. |
... |
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