Your dream of freedom - of retirement. Travel, pursue hobbies and interests, spend time with family and friends, all with financial security. It’s important to be secure in your financial future, so you can spend your time on things you enjoy.

If you’re a participant in a defined benefit or money purchase pension plan, making the right choice between the various pension payout choices can be difficult and stressful. Syren Capital Insurance Services Group can advise you on how to make sensible decisions, to ensure a comfortable retirement.

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Pension Maximization

When you’re looking at your pension choices, there are a few questions which you’ll need to answer:

  • What is the likelihood that the retiring spouse will die first?
  • Is the difference between the single life benefit and the joint life benefit enough to justify choosing the higher benefit?
  • What strategies are available to mitigate the risk of choosing the single life benefit?

This is where pension maximization comes in to play. Pension maximization is a strategy in which you elect for the single life benefit annuity and uses some part of the additional benefit to purchase a fully underwritten life policy to provide for the spouse with a death benefit. It’s a mixture, providing the best of both options.

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