What Is A Pension Review?

A pension review is a thorough examination of your pension plan, designed to ensure that it's on track to meet your retirement income needs. This review analyzes the plan's current performance and the options available, pinpointing any shortcomings or areas for improvement. The aim is to confirm that the plan aligns with your retirement goals and to uncover any issues that might hinder its effectiveness.

Typically, there are three primary forms of pension reviews: annual, which is a regular check-up; lifetime, which considers long-term projections; and critical, which is a more in-depth analysis at pivotal moments or in response to significant changes in circumstances.

Review your State Pension Plan (403b) with a licensed specialist today, for free.

Our team of Licensed Pension Specialists are here to help public school teachers and all other state employees uncover their pension any questions they have regarding their pension plan.

If you’re curious about your current plan, or just want to see what you’ll be earning when you retire, we are here to guide you.

Common Questions

Can I make changes to my pension plan after the review?

Yes, you can often make changes to your pension plan after a review. It's important to work with a financial advisor when making these changes to ensure they align with your overall retirement strategy and goals.

What should I do if my pension is underperforming?

If your pension is underperforming, here are some steps you can take:

  1. Review Your Investment Choices: Check the investment options within your pension plan to see if they align with your risk tolerance and long-term goals. You might need to adjust your portfolio to better match your retirement objectives.
  2. Diversify Your Investments: Consider spreading your investments across different asset classes, such as stocks, bonds, and real estate, to reduce risk and improve potential returns.
  3. Increase Contributions: If possible, increase your pension contributions to make up for underperformance. This can help you build a larger retirement fund over time.
  4. Seek Professional Advice: Consult a financial advisor to review your pension and suggest changes. They can provide insights on how to optimize your investment strategy or explore alternative retirement savings options.
  5. Consider Transferring Your Pension: If your current pension plan is consistently underperforming and has limited options, you might explore transferring your pension to another provider with better investment choices or lower fees.
  6. Monitor Fees and Charges: High fees can eat into your pension returns. Review the charges associated with your pension plan and consider switching to a lower-cost option if necessary.
  7. Stay Informed: Keep up with economic trends and changes in the financial markets that might affect your pension's performance. Staying informed allows you to make timely adjustments.
  8. Adjust Retirement Plans: If underperformance is significant, you may need to reassess your retirement timeline, lifestyle expectations, or consider additional income sources during retirement.

Taking these steps can help you address underperformance and get your pension back on track to meet your retirement goals.

Can I make changes to my pension plan after the review?

Yes, you can often make changes to your pension plan after a review. It's important to work with a financial advisor when making these changes to ensure they align with your overall retirement strategy and goals.

When should you get your Pension Review?

  • Mid-Career: To assess their progress and make any necessary adjustments to ensure they're on track for retirement.
  • Approaching Retirement: Usually 5-10 years before retirement, to finalize plans, optimize benefits, and decide the best time to retire.
  • After a Major Life Change: Such as a job change, marriage, divorce, or the birth of a child, to reassess how these changes impact their pension and retirement plans.
  • Post-Retirement: To manage their pension income, review investment performance, and make sure their retirement strategy remains effective.
  • During Economic Changes: When there are significant changes in the economy, tax laws, or pension regulations that might affect their retirement savings.
  • Benefits

    Why work with One Less Worry?

    Our Principles

    We use the The New Generation Retirement® system which is based on our three core principles – Fiduciary, Transparency, and Technology

    Personalized Service

    We don't just support our customers, we go the extra mile, don't be surprised if you get a birthday card in the mail after you work with us.

    Key Partnerships

    Our network of carriers and partners across all 50 states means that you'll be getting the best programs for you and your family.

    Experienced Team

    When you work with us, you get a team which includes CFA's, CPA's and CFP's that has been helping folks plan their retirement for more than 15 years.

    Testimonials

    Delivering results to our happy customers is our number 1 priority

    Thank you so much for your help and guidance. I finally have some peace of mind, now that we've gone over my pension, and feel like I'm way more educated and ready to take on retirement planning and anything else you recommend — thanks again!

    Michael

    Client since 2023

    When my husband developed a chronic condition that put him out of work, we were quite literally saved by the living benefits policy that Danny helped us set up — we are forever grateful to him and his team!

    Rachel & Thomas

    Client since 2019

    Customer testimonials

    Delivering results to our happy customers is our number 1 priority

    When my husband developed a chronic condition that put him out of work, we were quite literally saved by the living benefits policy that Danny helped us set up — we are forever grateful to the One Less Worry team!
    Rachel & Thomas
    Retired in 2022
    Thank you so much for your help and guidance. I finally have some peace of mind, now that we've gone over my pension, and feel like I'm way more educated and ready to take on retirement planning and anything else you recommend — thanks again!
    Michael
    High School Teacher
    When my husband developed a chronic condition that put him out of work, we were quite literally saved by the living benefits policy that Danny helped us set up — we are forever grateful to the One Less Worry team!
    Rachel & Thomas
    Retired in 2022

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