Pensioned Professionals

Build a Solid Foundation with Heritage Wealth Solutions

You’re a professional with a pension. Perhaps you are a union member like an electrician or a sheet metal worker? Maybe you are a teacher?  Or a state or federal employee? In any case, consider yourself fortunate,  because many pension plans have gone away over the last several decades. The crediting towards a pension may vary from one employer to the next and understanding how yours will play a role in your retirement could be vital. Knowing how your hours or years of service can increase, or decrease, your benefit is important as well. Regardless of a full of pension or partial, the responsibility of retirement planning is still placed on the individual.  Planning with a pension allows a myriad of options but can also present its own set of long-term financial challenges.

Your Fiduciary Advisor

Planning for retirement has challenges but planning without understanding how a major asset, like a pension, plays a role creates additional areas of concern on which to focus. Chris Hilyer has successfully helped many clients navigate the intricacies of planning for retirement with a pension. Chris was inspired to help individuals and families, like YOU, find financial confidence while facing important life decision. You don’t have to be worried about your future once you achieve financial confidence; let’s start planning towards that goal and start living well today.

Why Plan Retirement if i have a pension or social security?

It is not uncommon for folks that have both a pension and Social Security to wonder why additional planning for retirement is even needed if they already have so much guaranteed income.

While a lot of these income streams come with some sort of cost-of-living adjustment or COLA, that doesn’t necessarily allow the retiree to fund other things in retirement that are larger one-off expenses.

Pension Payout Options

When planning for retirement with a pension, the way the pension pays an income should be considered.

There is no right or wrong to that answer, it is completely circumstantial to the household.

A couple of rules of thumb to follow when considering survivorship options or “period certain” options.

Should i take the lump-sum ?

Lump-sum options are offered to pension eligible employees would give them the opportunity to forego the pension payout at retirement and take a withdrawal from the pension plan now to self-manage.

Is that a good deal? That is not an easy yes or no answer.

At Heritage Wealth Solutions, we provide professional assistance in a wide variety of areas. However, our sevice areas of specialty can be easily divided into three main categories: Investments, Financial Planning, and Insurance.

Investment Services

  • Bonds
  • Mutual Funds
  • Common Stock
  • ETFs
  • Educational Savings
  • Roth IRA
  • SEP IRA
  • Simple IRA
  • 401k Plans
  • Government Securities
  • Variable Annuities

Financial Planning Services

  • Retirement Plans
  • Profit Sharing Plans
  • 401k Planning
  • 403b Planning
  • College Funding
  • Estate Plans
  • Money Management
  • Social Security Planning
  • Pension Planning
financial planning services
Single income family wealth

Insurance Services*

  • Disability Income Insurance
  • Life Insurance
  • Long Term Care Insurance
  • Group Life Insurance
  • Group Disability Insurance
  • Hybrid Insurance

*some insurance services provided through Raymond James

Contact Chris Hilyer Today

Chris Hilyer is not only the president and founder of Heritage Wealth Solutions: he is the leading specialist at the company when it comes to helping families hold onto and increase their wealth. Contact him today, and let him put his experience to work for you and yours.

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Chris Hilyer

Wealth Management Advisor, RJFS