{"id":3505,"date":"2014-03-21T06:17:52","date_gmt":"2014-03-21T13:17:52","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=3505"},"modified":"2014-03-21T06:17:52","modified_gmt":"2014-03-21T13:17:52","slug":"understanding-pension-options","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/understanding-pension-options\/","title":{"rendered":"Understanding Your Pension Options"},"content":{"rendered":"<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/03\/pension-options.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"174\" class=\"alignright size-medium wp-image-3508\" alt=\"pension options\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/03\/pension-options-300x174.jpg\" srcset=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/03\/pension-options-300x174.jpg 300w, https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2014\/03\/pension-options.jpg 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>When you are ready to start receiving your <a href=\"http:\/\/www.paladinregistry.com\/retirement\/retirement-in-america\" target=\"_blank\">pension benefits<\/a>, which can often be as early as age 55, there are typically 5 payment options for you to choose from.<\/p>\n<p>1)\u00a0\u00a0\u00a0\u00a0\u00a0 Lifetime Payment Option:\u00a0 This usually offers the highest payout option because the company is not betting on two life expectancies and they don\u2019t offer any kind of death benefit when you pass away.<\/p>\n<p>2)\u00a0\u00a0\u00a0\u00a0\u00a0 50% Joint and Survivor Annuity Option:\u00a0 This will pay you a little less than the first option, but in the event that you pass away it will pay your spouse 50% of that payment for the rest of their life.<\/p>\n<p>3)\u00a0\u00a0\u00a0\u00a0\u00a0 75% Joint and Survivor Annuity Option:\u00a0 This will again pay you a little less than the last option but pay your spouse now 75% of your monthly payment if you pass.<\/p>\n<p>4)\u00a0\u00a0\u00a0\u00a0\u00a0 100% Joint and Survivor Annuity:\u00a0 This will continue the same payment for both of your lives.<\/p>\n<p>5)\u00a0\u00a0\u00a0\u00a0\u00a0 Lump sum<\/p>\n<p>The\u00a0first 4 options are <a title=\"What You Should Know about Variable Annuities\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/know-variable-annuities\/\" target=\"_blank\">annuity<\/a> payments.\u00a0 Keep the following in mind:<\/p>\n<ul>\n<li>If you worked for a company for 20 years and start your annuity payment and pass away that next year, you\u2019ve lost your entire pension balance that you had.<\/li>\n<li>Your payment will never increase unless there is a cost of living adjustment. So for example, if you receive $3000 per month from your pension and you are age 55 in 20 years when you are age 75 that $3000 won\u2019t buy you as much when inflation is averaging 3% per year. \u00a0What you were able to buy with $3000 may now cost you $5000. And we all know how inflation works when we look at the rising cost of gas, milk and healthcare. If you choose the annuity option and you run into an emergency and need more than the $3000 per month, you can\u2019t just call them and say \u201chey I need a new roof, can you give me an extra $5000\u201d.<\/li>\n<\/ul>\n<p>I typically favor the lump sum option so you have access to your entire account value that belongs to you.\u00a0 If you pass away, your heirs may have something to inherit and there are annuities that you can purchase on your own to create your own guaranteed stream of income while having the payment increase with inflation.<\/p>\n<p>To learn more about Deanna LaRue, view her <a href=\"https:\/\/www.paladinregistry.com\/financial-advisor\/woodstock-georgia\/Deanna.LaRue\" target=\"_blank\">Paladin Registry profile<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you are ready to start receiving your pension benefits, which can often be as early as age 55, there are typically 5 payment options for you to choose from. 1)\u00a0\u00a0\u00a0\u00a0\u00a0 Lifetime Payment Option:\u00a0 This usually offers the highest payout option because the company is not betting on two life expectancies and they don\u2019t offer any kind of death benefit when you pass away. 2)\u00a0\u00a0\u00a0\u00a0\u00a0 50% Joint and Survivor Annuity<\/p>\n","protected":false},"author":36,"featured_media":3508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-3505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Your Pension Options<\/title>\n<meta name=\"description\" content=\"When you are ready to start receiving your pension benefits, which can be as early as age 55, you have 5 options, including annuity payments or a lump sum.\" \/>\n<meta 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