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If COLA is compounded (based on last years income), their COLA will increase at a greater rate each year.
5 Retirement Scenarios
The following are the 5 possible things that can happen in retirement. We cover each one in our PensionMax Report.
3. Spouse Dies Before Retiree
1. Both Retiree & Spouse Live Long in Retirement
* If a pension cost of living adjustment exists, the retiree receives more COLA each year from selecting highest income option.
5. Emergency Cash is Needed in Retirement
* Depending on the life insurance product used, the policy can accumulate cash value over time which is available if needed.
* The retiree can surrender the insurance policy and receive any cash accumulated or change beneficiary without a recalculation in income.
2. Retiree Dies Before Spouse
* In most cases, more income is received until the retiree's death.
* Spouse receives the lump sum insurance death benefit tax free or receives it in installments and pay taxes on the interest earned only.
4. Both Retiree & Spouse Die About the Same Time
* Insurance death benefit can be passed on to the couple's estate.
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* In most cases, any remarriage or change in beneficiary will result in a recalculation of pension income.
* The retiree stays at the pension's maximum income level.
* No cash is refunded to retiree.