Frequently Asked Questions

Pension Maximization is a very common strategy among members enrolled in local, state & federal pensions.  Generally speaking you have multiple beneficiary election options all of which reduce your monthly pension amount.  Instead of utilizing the beneficiary options you would instead purchase a life insurance policy to replace the income needed.  Life insurance gives you freedom of beneficiary which is extremely important in the case your spouse pre-deceases you. This allows you to maximize your cash flow while still setting up your spouse for success when it comes to retirement.

You can reach out directly to your department that handles your pension to find out what the projected amounts will be.  We also offer custom pension reports that will show you what your pension is projected to be at various ages.

In many cases you will have two different options when it comes to selecting  how you will receive your pension.  One of them is a lump some amount of money (investment) that you will receive upon retirement.  The second is a defined benefit plan that will pay you a monthly benefit based on a pre-determined formula.

The plan you are in will determine who you can leave your pension to. There are limited options when it comes to leaving your pension to you children. Frequently, we find there are stipulations on age & other factors that may make it difficult to leave your pension to your children.