Don't Retire With A Pension Without Knowing These Things

[@jasonbennett499]

Finally more information for those with pensions. Thank-you.

[@outdooradventureswithjason6275]

Retired at 46 with my pension . Enjoying life.

[@bradleyanderson4315]

Man I thought I was lucky at 56. It was 72.5% of my salary but 3% COLA compounded. Also no state tax on it and no more SS or pension withdrawals.

[@aerden2]

Thank you! This was helpful information. Please do produce more videos on pension planning.

[@DWilliam1]

If you have a large pension(like I do), you should be taking money out of your retirement accounts to use while you’re YOUNG. Why wait until you’re 75 to start living, we’re not Benjamin Button…Also take your SS at 62.. there are zero guarantees in life and if you live to 90 and run out of money, chances are you will have no idea what is going on anyway. You’ll end up in the same room as the guy who has the government paying for it anyway. If you want to help your kids help them while they’re in their 30’s and 40’s when they can really use the help, not when they’re 65 years old and are using a cane. They’ll appreciate it…I promise.

[@quico1224]

I agree with everything you said

[@bigtoeknee11]

Agree everyone thinks they will live to 100 enjoy it now and help your kids now

[@Dave-sw2dm]

Why take SS at 62 if you have a pension and retirement account? I am going to do Roth Conversions up to the current 12% tax bracket before I turn on SS. Plus I will probably have a surving spouse with a 50% survivor benefit and she might need a higher SS amount.

[@thirdcoastslots9394]

I agree and am planning to do the same.

[@DWilliam1]

@ Why not take SS at 62? My pension will give my wife Full survivor benefits ($8K a month) and my SS is going to be $2600 at 62. She’ll have the house paid off, all medical taking care of and over a million in my retirement accounts(I’m pulling just the interest{7% a year guaranteed}unless I want something real nice), plus she has $300K in her own retirement account. My kid is taken care of and I’m going to spend the rest so when I’m in a nursing home the government will be paying for the room. If you’re ever in NYC or South Carolina I’ll show you my Porsche and my boat. Best of luck in your retirement.

[@jimmyg4428]

Great info to know and consider having a pension. Ty

[@cmo_rocks]

I'm part of the working class where pensions were phased out and employees moved to 401K. I dont think the combo of my 401K and pension will push me in a higher bracket. My 401K never recovered after that 2008 pink slip wave and starting a new career n back to school. I never recovered from 2008 but still blessed and catching up ... staying resilient

[@allenboyer2207]

Taking a pension next summer. Lots of details to address. Great video

[@SprintTri58]

I retired early with a pension. What people need to consider who will get a pension is to look at pension optimization with term life insurance. I was fortunate enough to get a 30 term life insurance at age 54 that would basically cover my spouse had I chose the 50% spousal option. I am able to receive almost $300 more per month which includes my monthly insurance premium. It took about four tries to get approved as many insurance companies were overly cautious

[@TheDjcarter1966]

I did this but collected pension at 42 so my 30yr term only goes out to 72 so it's not quite as good and I know the wife could be in trouble if I die at 73. That would leave her with only SS and IRA, no ins and no pension :( but should be set by then only $600k in investments now but I'm only 58.

[@mydressmemos]

"I have two pensions, but I really wish I had contributed to a Roth 401(k) throughout my career. For example, if I had invested $500 per month from age 25 to 65 at an average annual return of 9%, I’d have accumulated around $2.3 million by retirement. I also have $100,000 that I'd like to invest in a non-retirement account. What are the best investment options for this amount right now?"

[@LUCIASMITH-d1z]

I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery.

[@richardhudson1243]

Nearly 45% of Americans don’t invest in the stock market due to a lack of guidance. But every year you delay, you’re falling further behind. I used to dream about hitting the numbers I’m seeing now. Thanks to the insights and expertise of my financial advisor, I’ve grown my portfolio from $50k to $600k, and it feels surreal. Investing truly changed everything.

[@JacobsErick-u8r]

Great gains there! mind sharing details of your advisor please?

[@richardhudson1243]

She goes by ‘’Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@winifred-k9e]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@T-Sim]

This is something I’m working out for myself now. Good info. My taxable income is my biggest concern. I may start another business to help reduce taxable income and allow for more write offs. Yes, tax code allows for business write offs, I didn’t make the rules so don’t be hating.😂

[@georgesontag2192]

Yes, having $2 million to retire is troublesome. Better figure out how to solve that problem

[@PatKuennen]

Always love to watch your videos. Particularly pension information.

[@TheFirstRealChewy]

If you make it to retirement age then congratulations!🎉 If RMDs is your problem then congratulations!🎉 At this time I'm just hoping we can save and invest enough money to retire.

[@wmp3346]

Don’t sweat the taxes

[@vallejoborncalihasbecomeal9022]

Taxes suck but, if you're bringing in more than enough, than you'll be fine. Planning to minimize taxes is helpful but, live life and don't worry about it. Spend your money and have fun. Travel and eat out and give some to your family. Your grandkids will be happy!

[@roburb73]

I've been collecting a pension since I was 44 and love every penny of it! I'll definitely be in a lower tax bracket in retirement. Our household income is $350k+, and there's no chance we'll be that high in retirement. I'm 51 and my wife is 41. She'll retire in 9 years and that gives us 14 years for me and 24 years for her to Roth convert our traditional dollars! Life is great now and will be even better in retirement!

[@SG-ny4cz]

It appears that you always assume that people with a pension also have other investments. Is there anything that people with only have a pension and social security can do?

[@timsilva1944]

Many of these people also assume that there is a spouse. Not having a spouse is the primary reason that I have other investments.

[@1Mannco]

@@timsilva1944 Exactly

[@wallys7016]

How much do you charge for an analysis?

[@vallejoborncalihasbecomeal9022]

Man, I pray that when I'm 75, I am forced to take 80k from my investments due to RMD's!

[@jimmyreese918]

I am plannining on retireing at 62 with a pension on bills i have is a truck payment and myhouse is paid fr only thing will be is my property taxes. I hope i am doing right always wanted a new truck did it before i retired

[@timnewton8308]

My wife and I plan to retire in 2 years. We'll have $2m+/- in mostly traditional 401k/IRA's. We'll also have a pension of $60+ yr. My plan is to take the max/single payer benefit. Social security will be our backup, waiting 7 years until age 67 to get the most income, knowing we can live on either our savings/pension or savings/ss if I pass away first.

[@davidwarnke5990]

For most income, wait until 70

[@drz400sy8]

If you don’t mind sharing. What is your Roth conversion strategy? To what limit? How do you expect to pay for the conversion? And do you plan to use long term gains pay taxes? Other tips you plan to use?

[@dantheman6607]

I think that’s a mistake 😢 at least get the 50% spousal benefit. Your spouse would appreciate it.

[@roburb73]

I've been collecting a pension since I was 44 and love every penny of it! I'll definitely be in a lower tax bracket in retirement. Our household income is $350k+, and there's no chance we'll be that high in retirement. I'm 51 and my wife is 41. She'll retire in 9 years and that gives us 14 years for me and 24 years for her to Roth convert our traditional dollars! Life is great now and will be even better in retirement! I didn't take the spousal benefit. I have a 20 year term life insurance policy, a robust investment portfolio, and my wife is 41 and makes well over $100k. She'll be fine!

[@aldaley3537]

Life is supposed to be better in retirement. Would be nice if taxes stop after retirement!!!

[@happycommentator6773]

Ain't that the truth?

[@StormyTuesday5108]

I invested in digital coin and dividend stocks...we'll see but my medicare costs are really high

[@djcoolrule]

I have a five legged stool. 😂

[@dennisbennett7274]

Ditto

[@Bonez1999]

I have a pension of around $7k per month, but I understand the opportunity cost of having $7k of ordinary income each month for life, whereas, that could be filled up of 0% taxable SS or long term capital gains income.... I don't dislike the pension income stream, but I understand it locks out other opportunities in lower brackets as well, like Roth IRA conversions, etc

[@wernerfoerster3666]

So you are kind of complaining over a 7k/ month pension because it causes higher overall taxes. LOL... and btw, that's not an "opportunity cost"

[@Bonez1999]

@wernerfoerster3666 Of course it's an opportunity cost. If I earn $7k a month and pay a 25% tax rate vs $7k a month of long-term capital gains at 0%, what would you call that? The opportunity to take advantage of a lower 0% capital gains rate is occupied by a higher taxed ordinary income tax rate at 25% And not complaining, but it is spoken of on this KZbin channel pretty regularly actually. Pensions are great, but fixed guaranteed income does have some drawbacks.... Especially if they are LARGE fixed income amounts

[@bubutlopez1081]

This is my problem. I'm 70 now and wondering what I should do to lower my tax burden.

[@wernerfoerster3666]

@@Bonez1999 you are somehow equating 7k pension payments to 7k capital gains per month?

[@jameskozlowski5496]

If your pension is tax free (think disability pension)then that's a non issue.

[@BlueLineGroovy]

Why do advisors always assume viewers have a million dollars ?

[@TheDjcarter1966]

Because if you only have $200k or so in investments nothing you do is going to make a huge difference.

[@BlueLineGroovy]

@ fair enough. Thank you.

[@howardchan6167]

He wants those people to become his clients.

[@jimmywalters3071]

Most people who are over 75 when the RMD's kick in for people born in the 60's like myself .. will have large medical bills in which you can deduct from your income. Rehab centers, nursing homes etc are $10,000 per month which will be all tax deductable in most cases. If one has over one million saved in taxable retirement accounts in their 60's .. they should start withdrawing money in these accounts before their RMD's start. I will have a Federal Govt pension .. but today's pensions are not that good. For a 30 year career , one will get 30% or 33% of their salary... plus social security. I estimated I would only get 50% of my working salary when I retire .

[@fromthecatskillstotheworld6470]

That 50pct of your salary is a strong foundation. Plus you have your TSP. And you won’t be paying 7.65% in social security and Medicare taxes, nor will you be saving 5-15% of your salary for retirement, no .8% for FERS: that’s another 13-23% boost in salary comparison. Plus no work lunches, clothes, or commute. Move to an income tax free state and save another 2-6%.

[@jimmywalters3071]

@@fromthecatskillstotheworld6470 I know myself, I will spend more money as I have more time to spend the money. I will take many road trips and travel places . I enjoy eating out or getting carryout so my food / drink expenses will increase. Currently I'm so tired after work I don't go out .. and mostly bring my own lunch as I only 30 min break - difficult for me to drive back and forth from a fast food place in 30 mins where I work. I don't dress up for work , so jeans and non tee shirt I wear. I myself will still buy new cars / trucks as I have always driven over 20k miles per year and not a home body. I hope my health is still good , like my eyes , so I can travel . I will also have more time to go out on dates... as currently too busy working, taking care of an older parent who lives 2 hrs away etc. I think most people in their 60,'sand 70's spend more money in retirement if their health is still good but if they have poor health , the medical expenses are large... which can be all tax deductible..

[@jimmywalters3071]

@@fromthecatskillstotheworld6470 Living in a no income tax state is a great ideal and I too will try to move to a place like Florida .. but however then you have high home insurance rates or high condo dues.

[@kersting13]

@@fromthecatskillstotheworld6470 My current state income taxes are 8.75% and there's another bracket above that at 9.9%, and the brackets are not indexed to inflation., :(

[@thomasparks6822]

​@@jimmywalters3071 Zero income tax in Washington state. Sales taxes on everything but food at close to 10%. I personally pay $1,287 per month for property taxes

[@alfredyost7972]

I plan on retiring next year. I do have a pension, a 401K and will also get social security too. If I work until the middle of next year I will also get medical benefits too. I do not work for the government. I am 61 years old now. I plan on retiring next year when I am 62 years old. Thoughts?

[@ronhall5395]

Two pensions. Amounts to a whooping $887 a month combined.

[@michaelmolfetta1550]

Whopping??????

[@happycommentator6773]

Sad ain't it?

[@fulljaunt]

I'll have a pension in 2 years - state govt but I see alot of comments of 6-8k per month pensions. That is wild. May I ask where the pensions are from?

[@arnoldgonzalez9024]

Federal Government. I have 30 years of Federal government, special category. I am 50 years old and have been eligible for the last 3 years. If I retire may of 2025, my pension would be over 7K, with over 1 million in 401K.

[@kdkragt]

I often wonder the same thing. I will have a teacher pension (30+ years and MA +60 degree). I will be lucky if I get $3600 a month.

[@thomasparks6822]

Civil Service Retirement System. 41 years 5 months equates to 79.6% of high 3 years average pay. So terrible having to live off $100K pension.

[@1Mannco]

Most Federal workers I believe aren't 'special category' and don't get 'huge' pensions.

[@denovo09]

Great video !

[@barrymitchell4424]

You are making me want to buy buy buy ! Do you know about the American Dream? It’s to buy your neighbors house and kick them out!

[@PYehl1]

What if one spouse has pension that doesn’t allow to get SS - but the other spouse has SS. If the pension is a decent amount, would filling separately allow for the other spouse not to have their SS taxed as much vs filling jointly?

[@petervaichus6978]

What are the chances the new Trump administration actually eliminates the taxes seniors pay on their social security?

[@DJohnson-od6oj]

Paid for how?

[@rosemarykingpate7832]

If he does, it will be a catastrophe and SS will be under water, even more than it is already.

[@jmb-cm7mr]

40% of SS recipients pay tax on SS and those people have pretty high incomes. He wants to implement it but if Congress does not pass it there is nothing he can do.

[@rwally1965]

Lip service

[@WilliamVogt-s9l]

0%

[@mspencer9]

Is this really a concern if I diligently saved but only into Roth 401k’s/Roth TSP’s?

[@barrymitchell4424]

My 2nd time to watch. 1st time I went to sleep.

[@barrymitchell4424]

Let’s get to the point

[@vallejoborncalihasbecomeal9022]

Move money into your brokerage accounts!

[@1Mannco]

Move the RMD money or other money into brokerage accounts?....or both.

[@thomasbruner854]

Are we not fueling inflation by striving to constantly increase retirement wealth? Things were much more affordable when there was not so much emphasis on wealth creation. Back in the day, there were defined pension plans and social security, which provided a comfortable retirement for my grandparents, that I remember back in the 1960s. What happened?

[@mcgravy60]

In 1971, President Nixon took the US dollar off the gold standard which then allowed for runaway money printing and loan creation (credit). Think about what prices would be if everyone had to pay cash only, with no (or very limited) credit to make a purchase.

[@thomasbruner854]

@@mcgravy60 Exactly!

[@laenvirolatina4763]

Very few people have a pension anymore so workers need to focus on growing their retirement savings

[@thomasbruner854]

@@laenvirolatina4763 Exactly, so why did pensions go away?

[@johnnysimes5082]

Pensions went away 1) because of job hopping for opportunities and 2) because most people would rather have higher salary than higher benefits. It doesn't benefit a company to offer a pension if it doesn't help recruit or retain. I never thought about my pension until I turned 50 and now I treasure it. 20, 30, & 40 year old me didn't give a hoot about my pension.

[@howardchan6167]

You should take RMD anyway. You are 73. You can't take the money with you. The money you take out you have not paid taxes on anyway.

[@Wenderlegall1964]

I'm favoured financially with Bitcoin ETFs, from $37K to $65K that's the minimum range of profit return weekly regardless of how bad it gets on the economy