How to Get the Most Out of Your Pension Plan

Should you take a lump-sum payout? Do you think your employer is in danger of going bankrupt? These are only two of the issues to consider.

An older man looks over pension paperwork while sitting in front of his laptop in the kitchen.
(Image credit: Getty Images)

The good news is you have a pension. According to the Bureau of Labor Statistics, only 15% of private industry workers had access to a defined benefit (pension) plan in 2022. And if you are close to retirement, you may be considering at what age to start the income or to take a payout. There are many factors to consider in your decision. Here are a few tips from my 22 years of experience in guiding retirees and executives, adapted from an upcoming webinar (info below).

Inflation is a major concern

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Michael Aloi, CFP®
CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.