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What Is A Pension Plan?
A Pension Plan is an employer-sponsored retirement plan. Your employer allocates a set percentage of funds, usually determined by a percentage of your salary over a given period of time you have worked with the company. You can then choose to add additional funds to boost your retirement account.
In addition to Pension Plans, different companies use different types of plans to help employees put away funds for retirement. Depending on your employer and their benefits package, a Pension Plan might be your only option to save for retirement in lieu of a 401(k), Profit Sharing Plan, or a 403(b).
Like Pension Plans, 401(k) plans are retirement plans included in benefit packages offered by many employers. While there are some similarities in these plans, there are also some major differences.
- Pension Plans are based on employer contributions, 401(k)s are based on employee contributions. Both may offer matching contribution options by the other party.
- Pension Plan investments are controlled by the employer, with 401(k)s the employee has control over the investment allocation.
- Pension Plans guarantee a monthly check upon retirement, a 401(k) cannot guarantee returns on the plan.
Financial Solutions with Your Pension Plan
To ensure your family has the finances needed, you should be proactive and supplement your Pension Plan with other products. People don’t always want to buy supplemental products; they want to buy what supplemental products do – protect you from not having enough money in retirement. However, what may be a difficult decision now, may turn out to be the best thing for your financial future.
Some other products that can help you with financial stability include:
Annuities – This can supplement your Pension Plan and offer you retirement income that lasts a lifetime.
Living Benefits – This is an Accelerated Benefit Rider that allows you to access either all or some of your death benefits while you are alive. However, you must experience a qualifying chronic or critical illness or
Life Insurance – Life Insurance will allow you to leave cash to your loved ones so they can continue with their lifestyle. It will cover the loss of your income and your funeral expenses as well.
Quy Nguyen is Your Annuity Expert
Quy Nguyen graduated from medical school and became a medical doctor to help people, but he chose not to pursue life as a doctor. Instead, he learned about how Annuities and Life Insurance can help others. He utilizes his extensive knowledge to help people just like you with financial savings, retirement planning, their child’s college education, and protection for your family in case of life’s emergencies.
Plan your financial future. It’s better late than never. To learn more about how the right Annuity can help prepare you for your retirement or to sign up for a free consultation fill out the form on the right. A licensed insurance expert will be happy to help you build your unique financial solution.