If you have received an incentive offer for retirement but are torn by the implications of that irrevocable decision, we’re here to help. Lump sum offers can be attractive, but it’s prudent to address a few key questions before making your decision.
- Are your current pension and/or other sources of income enough to retire comfortably?
- Are you able to consult or otherwise earn part-time income until you reach Social Security age? Or would waiting to turn on Social Security until your Full Retirement Age improve your chance of success in retirement?
- Have you considered the option of rolling over your PPA/VPA into a Traditional IRA, as this does not impact your basic pension? If married, is your spouse comfortable with your Pension Survivor Option?
- Would additional investment diversification available after rolling over your RSP be beneficial in the stability of your retirement income?
- Have you considered in detail the changes you will experience in health care costs in retirement, including Medicare?
- Do you have a holistic financial plan that includes considerations regarding cash flow, investment allocation, monte carlo simulation, estate planning, and tax efficiency that you could test your decision against?
Our team at Wealthquest has walked alongside hundreds of GE employees and retirees to ensure they can answer these questions and more, allowing them to make informed and confident decisions.
If you’d like to schedule a complimentary consultation with a Wealthquest advisor, please click here. In order to responsibly comply with social distancing requirements, we are utilizing video conferencing to accommodate easy access to our advisors.
For informational purposes only. Not intended as legal or investment advice or a recommendation of any particular security or strategy. For more information about Wealthquest, including our Form ADV Part 2A Brochure, please visit https://adviserinfo.sec.gov or contact us at 513-530-9700.