Key Elements of Retirement Explained

You’ve worked for 40 years, and you’re finally getting ready to retire. Unfortunately, many retirees are confused about important aspects of retirement, such as what their retirement benefits are and how they work. Lack of knowledge can lead to bad decisions.

For example, some people are confused about the difference between a pension and a retirement savings account, such as a 401(k) or 403(b). One of my clients, who had a 403(b) plan, thought his pension and 403(b) were the same. After I explained that they were two different things, he did a check and found that he had almost $1.5 million in assets that he didn’t know about. He thought he needed to work a year or two before retirement, but, of course, this discovery changed his schedule.


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