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:
- 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.
- 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.
- Increase Contributions: If possible, increase your pension contributions to make up for underperformance. This can help you build a larger retirement fund over time.
- 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.
- 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.
- 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.
- 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.
- 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?
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Robbie
Client since 2019
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!
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Client since 2023
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Client since 2019
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