Manage Your Pension
 
 
**(Polaris Advisors, the website, the worksheets and the seminars are not endorsed,reviewed or approved by either Gillette or Procter and Gamble.  Polaris Advisors is an independent Financial Planning Firm, and prospective clients must make their own assessments of the accuracy and validity of the material presented)
 
Beginning your Pension is a complex issue for Gillette Early Retirees.  As we will see in the next section, coordinating your Pension with your Severance package requires some analysis.  But even when you have decided WHEN to take your Pension, you still must decide HOW to take your Pension.
 
There are 12 different options for taking your Pension.  In the attached worksheet, we examine taking the STRAIGHT LIFE option, while protecting your spouse with Life Insurance.  This option is usually only workable for those with good health.  If you have health issues, the cost of Life Insurance will be prohibitive.      
                                                                                                           
Why would we examine the Life Insurance option?  The advantages include being able to tailor the protection to meet your specific situation.  We can buy the coverage we need for the length of time we need it.  Another big advantage is our option to drop the coverage completely.  If your spouse dies before you, you no longer need the coverage.  Also, if you inherit a large sum, win the lottery, or if your Investments do better than expected, you may likewise have no need for coverage later in your life.  In these cases, you could go back to the larger Straight Life coverage by discontinuing your Insurance Policy.
 
In other words, the Insurance option gives us flexibility to adapt your Pension to your changing life in Retirement.  But it only works for some people.  For others, there are the 11 other forms of Pension to consider.
 
As always, don’t hesitate to contact us with your questions, or to sign up for a seminar.
 
 
 
These worksheets alone do not constitute a complete Financial Plan.  Please consider all aspects of your situation with competent tax, financial and legal counsel before making any decision to leave employment.  Polaris Advisors, LLC is not responsible for any use or misuse of these tools by persons who have not contracted with Polaris Advisors, LLC for Financial Planning Services.
 
 
 
 
 
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