While other pension plans exist, there are many advantages to choosing a defined benefit plan.
As it is an employer-based program, it is the employer, not the employee, that is responsible for the planning and investment risk of the plan.
Benefits can be paid out as fixed monthly payments or in one lump-sum payment.
If you pass away, your surviving spouse may be entitled to defined benefit plan payments.
You don’t have to struggle through retirement on your Social Security pension. Our retirement planning and wealth management experts can help you to make your defined benefit plan work harder for you. For example, working an additional year will increase the final salary your employer uses to calculate your benefit and therefore increase your benefits. For help and advice on defined benefit plans, get in touch with the team at Pence Wealth Management today.