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In Life, Nothing is Certain – 5 Retirement Scenarios

“Certainty? In this world nothing is certain but death and taxes.” –Benjamin Franklin

When couples plan for retirement they should be looking at the possible scenarios that can happen: what if I die first, my spouse dies first or we both die soon after each other?  How much income we will have while we are both alive?  What happens if we suddenly need money for an emergency?

If a person is retiring on a pension or 401k, the survivor options available to them through their pension plan may not address all of the possible post retirement scenarios.  Here are some examples:

The retiree may be surprised to know that if their spouse dies 20 years into retirement, they will receive no money back from the pension despite paying a premium for that benefit in the form of a reduced income.  They may be even more surprised to know that even though their spouse has died they may continue to pay for their deceased spouse’s survivor benefit for their lifetime.  What about if they remarry and their new spouse is significantly younger?  The retiree’s income may be adjusted to reflect the age difference resulting in less retirement income.

On this blog, in a 5 part series, we will cover in depth the 5 possible post-retirement scenarios that can happen.  We will show you the advantages to selecting a pension maximization strategy over a pension survivor option. We will also inform you of the risks so that you and your client can make an informed decision on whether pension maximization is the right choice for them.

Stay tuned….


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