Pension's are a phenomenal tool for retirement planning. Having a stream of income you can't outlive is one of the holy grails of retirement finance.
However, the decision on what to do with your pension isn't as easy as just turning it on when you get to retirement. Many pension payout options exist and many of those offer payouts that are available to your spouse if you were to pass away first.
Unfortunately, those payout options for the surviving spouse mean that the original pension holder will have to take less in income. Sometimes this can mean a 25% - 40% cut in income.
So what can pension owners do in order to maximize their own payout while also making sure their spouse is financially secure should they pass away at a younger than anticipated age?
Pension maximization using life insurance is one great option to explore and in this podcast episode, we do just that!
Enjoy the show!