What Happens To Your Pension When You Quit

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Options After Leaving a Job

Keep the Pension

You can choose to leave your pension with your former employer’s plan. This option might be suitable if you are comfortable with the plan’s investment choices and management. However, this choice often comes with limited control over your funds.

Roll Over to an IRA Annuity

Rolling over your pension into an IRA annuity provides greater control over your investments. This option allows you to choose from a broader range of investment opportunities and manage your retirement savings more actively.

Guaranteed Lifetime Withdrawal Benefit (GLWB)

A Guaranteed Lifetime Withdrawal Benefit (GLWB) is a feature that can be added to an IRA annuity. It offers several advantages:

  • Guaranteed Income: Provides a steady income stream in retirement, ensuring financial stability.
  • Investment Control: This allows you to manage your investments and potentially earn higher returns.
  • Liquidity: Offers options to access your funds if needed, though there may be some limitations.
  • Death Benefits: Ensures that your beneficiaries receive a portion of your pension after your death.

Comparison of Pension Options

Keeping Pension

  • Control: Limited
  • Investment Choices: Depends on the plan
  • Guaranteed Income: Based on the plan
  • Liquidity: Limited
  • Death Benefits: Variable

IRA Annuity without GLWB

  • Control: High
  • Investment Choices: Wide range
  • Guaranteed Income: None
  • Liquidity: High
  • Death Benefits: Variable

IRA Annuity with GLWB

  • Control: High
  • Investment Choices: Wide range
  • Guaranteed Income: Yes
  • Liquidity: Moderate
  • Death Benefits: Guaranteed

How We Can Help

When it comes to managing your pension after leaving a job, the core problem you face is finding a solution that balances control, flexibility, and guaranteed income. The symptoms of this problem include feeling overwhelmed by investment choices, uncertainty about future income stability, and concerns about the financial security of your loved ones.

At The Annuity Expert, we understand the emotional and financial stress that comes with these decisions. With over 15 years of experience as an insurance agency, annuity broker, and retirement planner, we have helped countless individuals navigate these challenges.

We believe in finding the best solutions at the lowest costs, ensuring that you can make informed decisions that align with your financial goals and provide peace of mind for your future.

What We Recommend

Taking the right steps after leaving your job can significantly impact your retirement savings. Here’s how we can help:

  1. Initial Consultation
    • Step: Schedule a free consultation with us.
    • What Happens: We will discuss your current financial situation, retirement goals, and concerns.
    • Main Benefit: You’ll gain a clear understanding of your options and how they align with your needs.
  2. Personalized Plan Development
    • Step: We create a customized retirement plan based on your unique needs and preferences.
    • What Happens: We analyze your pension options, investment choices, and potential benefits.
    • Main Benefit: You’ll receive a tailored strategy that maximizes your retirement savings and provides financial stability.
  3. Implementation and Ongoing Support
    • Step: Implement the chosen strategy with our guidance and support.
    • What Happens: We assist you in rolling over your pension, managing investments, and adding any necessary features, such as GLWB.
    • Main Benefit: You’ll enjoy a secure and well-managed retirement fund with ongoing support to adapt as needed.

Features and Benefits

  • Personalized Advice: Tailored financial strategies that meet your specific needs.
    • Benefit: Ensures your retirement plan is uniquely suited to your goals.
  • Expert Guidance: Over 15 years of experience in pension management and retirement planning.
    • Benefit: Provides confidence and peace of mind in your financial decisions.
  • Comprehensive Solutions: Includes options for investment control, guaranteed income, and beneficiary protection.
    • Benefit: Offers a balanced approach to securing your financial future.

Overcoming Common Objections

  • Objection: “I don’t want to change my current plan.”
    • Counter: Our plans offer greater flexibility and control, ensuring your retirement savings are better managed.
  • Objection: “I’m worried about the costs.”
    • Counter: We focus on finding the best solutions at the lowest costs, ensuring value for your investment.

Failing to take action now can lead to missed opportunities to optimize your retirement savings and secure financial stability. On the other hand, working with us will provide you with a well-managed, secure retirement plan that adapts to your evolving needs. You’ll experience peace of mind, confidence in your financial future, and the security of knowing your loved ones are protected.

Contact us today for free advice or a quote, and take the first step towards a secure and prosperous retirement.

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Get help or a quote from a licensed financial professional. This service is free of charge.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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