Your Pension plan
- Posted by e2 on 10.05.09
- Tags Family Changes, Modern Family
Exactly what will your pension plan do for you? How long do you have to remain with your current employer to fully qualify for a pension? If you quit before retirement, can you take any pension rights with you? If you move to another job, would it be to your advantage to leave your pension contributions with your former employer? What would happen to your financial plans should you become disabled before reaching retirement? What would your family be entitled to if you died before retirement? How does the company calculate your pension? What pay out options do you have?
Pension plans differ: Some discuss monthly payments exclusive of social security; others include social security in stating specified monthly payments; retirement income may or may not continue on a reduced scale to a widow; etc.
Apart from pension programs, some companies have profit-sharing plans, employee savings or stock-purchase programs. Learn the details of any such plan that you are involved in.
You may be surprised to find a large gap between your retirement income goals and your potential retirement income as it exists today. How can you bridge it?.
