Aug 11, 2026 · 20 min · 10 segments
If you're retiring soon with a pension, your retirement planning is different than most people. Less than 20% of retirees have a pension, and if you've also saved $1 million or more, you're in a…
Now, the first thing we need to understand when we retire with a pension is we need to understand how everything is going to look.
And so the first thing we always do when we work with someone who has a pension and retiring is we run their numbers and we see How is everything going to play a part? You know, before we do that, we really want to understand what are the goals, what are they trying to achieve? What are their legacy goals? What are their charitable goals? There's a lot of other things that are very, very important that go into this, running their numbers.
And so typically what we want to see people do is we want to see people project out and forecast what is this retirement going to look like.
These are all things that we want to forecast out to see what is this going to look like.
And oftentimes what we see from this crowd of people in the 2% club is they're going to have much more to live on than what they thought.
We just need to make sure that you are doing what you want to do at this point in your retirement.
And when we show these numbers to our clients, when they see what this number could be projected out to when they pass away, oftentimes they get a little concerned and you're probably thinking, why are they concerned if they're seeing a bigger number? They're getting concerned because they never knew they had that much wealth.
These are people who were hardworking, they were frugal, they were diligent savers.
And that discipline has now put them in the situation where they have a million dollars or more saved and they've had this pension from working at the employer all these years, which puts them in an elite situation from a financial standpoint that they have a lot to be grateful for.
And so oftentimes this leads us to challenging the people we work with of thinking differently about their money, differently in two aspects, differently from a financial planning standpoint, knowing we have this much wealth, knowing we have this high of an income coming in in retirement, puts us in a situation where we do need advance planning.
There's going to be strategies we talk about in the video here today that if you have not done yet, you want to make sure you're implementing knowing your situation is different than your peers.
We know that in retirement, 80% of retirees may pay little to no income taxes from a federal standpoint, We know that's typically not the case with the 2% club.
And so you need to be prepared for taxes being a big expense and also knowing that that is going to be a large chunk from the tax deferred investment you likely have.
And that pension is going to be fully taxable as well, which would then lead Social Security to be taxable.
Now, the first thing we need to understand when we retire with a pension is we need to understand how everything is going to look.
And so the first thing we always do when we work with someone who has a pension and retiring is we run their numbers and we see How is everything going to play a part? You know, before we do that, we really want to understand what are the goals, what are they trying to achieve? What are their legacy goals? What are their charitable goals? There's a lot of other things that are very, very important that go into this, running their numbers.
And so typically what we want to see people do is we want to see people project out and forecast what is this retirement going to look like.
These are all things that we want to forecast out to see what is this going to look like.
And oftentimes what we see from this crowd of people in the 2% club is they're going to have much more to live on than what they thought.
We just need to make sure that you are doing what you want to do at this point in your retirement.
And when we show these numbers to our clients, when they see what this number could be projected out to when they pass away, oftentimes they get a little concerned and you're probably thinking, why are they concerned if they're seeing a bigger number? They're getting concerned because they never knew they had that much wealth.
These are people who were hardworking, they were frugal, they were diligent savers.
And that discipline has now put them in the situation where they have a million dollars or more saved and they've had this pension from working at the employer all these years, which puts them in an elite situation from a financial standpoint that they have a lot to be grateful for.
And so oftentimes this leads us to challenging the people we work with of thinking differently about their money, differently in two aspects, differently from a financial planning standpoint, knowing we have this much wealth, knowing we have this high of an income coming in in retirement, puts us in a situation where we do need advance planning.
There's going to be strategies we talk about in the video here today that if you have not done yet, you want to make sure you're implementing knowing your situation is different than your peers.
We know that in retirement, 80% of retirees may pay little to no income taxes from a federal standpoint, We know that's typically not the case with the 2% club.
And so you need to be prepared for taxes being a big expense and also knowing that that is going to be a large chunk from the tax deferred investment you likely have.
And that pension is going to be fully taxable as well, which would then lead Social Security to be taxable.
The rest of this transcript — segmented and speaker-labeled, so you land on the exact moment something was said
Search every transcript — by keyword, by phrase, or by meaning, across every show Radar indexes
Trends — what is surging across podcasts, measured against its own baseline
Alerts — when a name you follow appears in a newly indexed episode
No account is needed to search Radar.
