Phil’s Tax Hacks

Ep 77: Status of the American Pension

March 11, 2021

While pensions used to be the standard retirement benefit offered by companies, that is becoming less and less common. On today’s episode of the podcast, Phil talks about what options you have with a pension, why you might still need to save for retirement outside of the pension, and what to look out for.


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What we discuss on this episode: 

0:48 - Michigan is known for still having a lot of pension plans.

2:31 - There’s more pressure on self-saving for retirement.

3:35 - If someone has a pension, do they have an advantage in retirement?

6:01 - Should you take a lump sum or monthly payment?

9:43 - How has COVID changed company loyalty?

11:38 - How do you address inflation and taxes?