Retiring With A Pension - 3 Things You NEED TO KNOW!

Retirement planning with a pension! Today we're covering a few important things you need to know about your pension!

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!

0:00 3 Things To Know about your pension
0:10 What is your multiplier?
0:26 Is there a COLA?
1:07 Know your election
1:35 Tax Implications With A Pension (case study)
3:45 Calculating your liquidity
4:39 Impacts of an untimely death
5:12 WE'RE HERE TO HELP!

#retirement #retirementplanning #dohstr8
---Ready to subscribe---

For more information visit:

--- Instagram @jazzWealth

--- Facebook

--- Twitter @jazzWealth

[Jazzwealth]

Thanks for watching! Have any pension questions?? Drop them below and let's see if we can help you out!

[MargaretWest-mu]

With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio—I'm at a crossroads.

[ArthurJones-vi]

Retiring with a pension is such a great benefit! The stability it provides makes the transition into retirement much smoother.

[WSK]

Can you speak about the Social Security fairness act just passed by the house and heading to the senate? It’s big for pension holders.

[flsrd]

You should mention that the majority of pension recipients were in a union job.

[lbskinner]

Thanks for your knowledge and time. Lots of people trying todecidi on the spouse benefit; 100%, 50%, or just take the full pension benefit with no reduction.

[OwenFlex]

I'm still navigating the pension calculation process, but I understand that cost of living adjustments (COLAs) play a significant role in maintaining our standard of living throughout retirement.

[michaellarson]

Getting 75% of 130k and also doing max on 457. 23k a year

[RetNavyChiefBTC]

Change your terminology. I’m not lucky to have a pension, I’m fortunate. There is a huge difference. I made financial and personal sacrifices for my pension. My income took off after retiring from the military. I once had a director that was surprised that I was receiving a military pension at 45 years old. He said, “that’s almost like ripping off the government”! He was college educated and of age to join the military. I suggested to him, the recruiter is open. Go down, sign up and spend 20+ years serving. When you retire look me up after receiving your first pension check. Then tell me how much you feel like you’re ripping the government off? Needless to say he never took my well meaning advice. Fortunate, not lucky!

[ChristianJacquet]

I’m 62, nearing retirement, but my plans are in disarray. I have a 30k annuity and a depleted 401(k) with only 150k left, leaving me uncertain about my financial future. Would consulting a financial advisor be wise to get my retirement plans back on track?

[ndiandy]

My wife and I will both have National Guard pensions at age 60 and Fed civil service pensions. Due to our 6 yr age difference, we will have a lower income period when we retire in 2028. I will be drawing my mil pension and begin drawing my FERS pension that year. She will have 3 more years before she can draw either. We haven't met with a financial planner yet, but our current strategy is to draw heavily from my traditional TSP for world travel before she begins drawing to avoid having to do ROTH conversion. When I reach age 70, we will be receiving about 12K/month in Pensions and SS.

[Smith-sn]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[phxphun]

What is 'Nest Egg' you mentioned at 1:39?

[heidip]

If you don’t have a COLA on your pension but your pension covers your expenses now, how do you calculate a lump sum needed for future expenses that rise with inflation (what is the equivalent to the 4% rule). Sure we need to think about inflation… but no one is talking about a rule of thumb for pensioners who don’t have social security (or are close to having no social security because of WEP).

[matthewgreeley]

Have you made a video about taking a lump sum payout vs monthly payouts? I am planning on taking the lump some and investing it.

[larrycable]

Yes please do more around this topic and how about instead of Roth conversions for early retirees (pre SSI) drawing down 401K assets and putting aside in a brokage account

[cobia...]

I have 2 pensions both with COLAs {both LE related} along with DROP account that pays till age 89...I am 58 and currently investing in a 457 plan and will be done working at 63 and take SS then. If I start up a Roth, my understanding is none of the money can be touched for 5 years, is that correct? Informative video Thank you..

[JohnDoe-vtzl]

How to plan how much to save Roth IRA when you have a pension based on income percentage, considering your income contribution to your pension to retirement savings, when you can pull from retirement if pension starts in 40s ext,

[richb]

My full pension in 10 years at 67 will be 4000 a month est.
If I take the 100% contingency that number will fall to 3200. A month but when I die my wife will continue to collect that same 3200 every month plus my full SS which is est at 3500 at full retirement.
If I pass before my wife she will have over 80k a month coming in.
Then theirs all the other investments I have going. She will be fine in retirement. Thats my number 1 goal

[glendacastillo]

It's nice to have 2 lifetime pensions at age 50. VA is also tax-free