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What is Pension Maximization?
When a married employee is retiring with a pension or 401k, they have options as to how they will receive their money. The following is an example:
1. Single Life
2. 100% Survivor
The Pension Trap
Most retirees choose number 2: the reduced income "Survivor" Option ($3200/month).
* More income for both lives.
* If retiree dies first, the spouse pays less income tax.
* If spouse dies first, the retiree can change the beneficiary without a recalculation in income or
the retiree can surrender the life insurance policy and receive any money accumulated in it.
* If both retiree and spouse die about the same time, they can pass on insurance policy benefit to estate or charity.
* Access reserve cash fund for emergencies.
Pension Maximization Strategy- An Alternative Way to Provide Survivor Income
Here are some of the advantages of choosing the pension maximization strategy that may not be available in a "Survivor" Option: