If you are among the rare few with a retirement pension, congratulations! You have a benefit that is becoming increasingly rare.
With the 401(k) plan becoming the workplace retirement plan of choice, people hold more responsibility for their financial futures than ever.
Knowing you have a pension gives you the comfort of knowing that, once you retire, you are scheduled to receive monthly income payouts for life. Your income payment will be based on your salary and your length of employment.
Just like with annuity payout options, the lifetime payout option you select with your pension plan will have a direct bearing on how much income you receive.
