What is a pension?
- What is a pension?
- Do I have to do anything to manage my pension?
- What if I leave my company before I retire?
- How does vesting work?
- When can I access my pension money?
- Can I take out a loan from my pension plan?
- Should I take a lump-sum payout or monthly payments?
- What are the advantages of taking a lump sum?
- Should I invest my lump-sum payout in an annuity?
- What's the difference between a single-life annuity and a joint-and-survivor annuity?
- Will I pay tax on my pension payouts?
- How should my pension affect my retirement planning?
- Will having a public-sector pension affect my Social Security?
A pension is a retirement account that an employer maintains to give you a fixed payout when you retire. It's a kind of defined benefit plan.
Your payout typically depends on how long you worked for your employer and on your salary. When you retire, you can choose between a lump-sum payout or a monthly "annuity" payment.
