If you’ve ever played cards collecting on a winner take all strategy, like a pension plan, it is like winning the lottery. While the majority of private sector companies have abandoned the “old school” pension plan in favor of a voluntary 401k, there are still millions of workers who will be relying on a pension for retirement income in their golden years. The problem with most pensioned employees is that they rely on their pension like millennials rely on google maps.
“Play the cards right” means saving for retirement as if a pension doesn’t exist. When you have an additional retirement plan that will cover normal expenses, an extra monthly pension check can be used to fund whatever rolls, floats or travels. Like taking a last minute flight to your favorite sporting event or eating at the nicest restaurants and reading the menu from left-to-right, instead of right-to-left.
3 Things To Consider
- Pensions are not immune to failure.
- Pensions are actually a pay cut.
- Social Security is not a winning strategy for retirement income.
Made For Independence.
Pensions and social security terms are basically used as synonyms. It’s as if there is little control over what retirement will look like without them and is solely based upon what is pre-determined assumption for a 30 year work history.
- Retirement can be so much more than what a pension or social security option have portioned out for us.
- You can create your own wealth outside of a pension option, without dependence on a pre-determined assumption;
- Create a world of opportunity by becoming financially free to live out your dreams with an independent strategy to save and take advantage of what credit unions can provide in exclusive higher yielding deposits.
There’s no better place or plan than to consider the deposit options that can work with your retirement savings plans, no matter your age or income, than a credit union. As an industry partner to manufacturing, MTC Federal works to take the pinch out of pension plans with deposit services built to go the distance. Don’t leave saving options with dependable rates and big returns on the table.