Pensionless

No Pension? Get Proactive

One day in the future, you may plan to quit work and enjoy a carefree retirement. Covering your expenses as an older person with no regular salary or income can be a challenge. You may be stretching to pay your bills now – when you have a job with a reasonable income. How will you manage with no salary or self-employment income?

Decades ago, some workers could rely on retirement pensions from their companies. In 1980, approximately 39% of US workers had pension plans. Now, most companies don’t fund employees’ pensions. Pensions meant that if you worked for a company for the required number of years, when you retired, the company would send you monthly checks for the rest of your life. Today, most American workers’ retirement money comes from their monthly Social Security checks and any savings they have put aside, usually in a 401(k) or an IRA.

With smart financial planning, you can take proactive measures to maximize the income that will be available to you during your retirement. To do so effectively, familiarize yourself with the rules and regulations affecting the various types of retirement benefits now available...