Pension Maximization Q and A

Q: My pension plan offers several payout options, which one should I take?

A: It depends. You have to take into consideration the options made available to you in light of your circumstances such as your marital status, retirement goals and other retirement income sources.

Q: My pension plan offers a Joint and Survivor Annuity or Single Life Annuity option, what are the main differences?

A: Basically, as the name suggests, a Joint and Survivor Annuity is intended to continue to provide a payout to a surviving spouse. Single Life Annuities have a higher monthly payout but payments cease when the owner dies. It’s important to discuss details with your personal advisors to make sure you fully understand your individual pension payout options.

Q: My pension plan offers a Joint and Survivor Annuity option, is that the best option since I am married?

A: It could be the best option but it is not necessarily the best. Depending on your situation, you may be able to maximize your pension by electing a Single Life Annuity option and using some of your funds to incorporate life insurance into your strategy. It is important to emphasize, however, the importance of discussing these matters with your qualified advisors to help ensure you make appropriate choices for your individual situation.

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