Does a Pension Mean You're Set for Retirement? How to Know If You're Really on Track
About this episode
The episode discusses how to assess retirement readiness when having a pension and the additional savings needed.
Learn how to measure your retirement progress when you have a pension and figure out how much more you really need to save. How do you know if your pension actually has you covered for retirement — or if you still need to keep saving aggressively alongside it? Hosts Sean Pyles, CFP®, and Elizabeth Ayoola sit down with Anna, a journeyman electrician in Portland whose union job comes with a defined benefit pension — yet she isn't sure whether that's enough to retire at 60. They explore how to account for a pension when gauging your retirement progress, why pension projections can be tricky when work hours vary, how to use the three-bucket framework (guaranteed income, invested accounts, and cash reserves) to see where your plan stands, and how Social Security projections could help you figure out exactly how much more you need to save. Pension Plan vs. 401(k): Types, Pros & Cons: https://www.nerdwallet.com/retirement/learn/pension-plan How Long Will My Money Last in Retirement? Calculator, How to Stretch It: https://www.nerdwallet.com/retirement/learn/how-long-will-your-retirement-savings-last Want us to review your budget? Fill out this form — completely anonymously if…
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