Are you ready for the single life?! No no, not in terms of ditching your spouse and reliving the bachelor/bachelorette days. While maybe not as exciting, this single life is in reference to Lockheed Martin’s pension. Pensions are a tremendous retirement vehicle but unlike a 401(k), they have several payout options. One of the choices is called the “single life” option. With this option, you would receive a monthly benefit amount for the rest of your life. The disadvantage of this is that there is no survivor benefit, meaning your spouse or designated beneficiary would not receive any pension benefit. To make up for this, the single life option offers the highest monthly amount available of the various payout options.
This begs the question if you should elect this increased benefit. If you feel that your surviving spouse or beneficiary would be able to sufficiently provide for him/herself, the single life option may be appropriate. It is important to evaluate whether the survivor can continue his/her lifestyle and meet financial goals through any life insurance proceeds, assets, or income sources.
Choosing the right pension payout option may not be as simple as you think. There are several insurance considerations and comparisons in order to determine the appropriate route. To receive an in-depth pension maximization analysis and recommendation, contact our office now and we will optimize your pension to further your retirement goals!
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Be sure and check back next week for more valuable Lockheed Martin information. Cheers!