Does a Pension Mean You're Set for Retirement? How to Know If You're Really on Track

Learn how to measure your retirement progress when you have a pension and figure out how much more you really need to save.

How do you know if your pension actually has you covered for retirement — or if you still need to keep saving aggressively alongside it? Hosts Sean Pyles, CFP®, and Elizabeth Ayoola sit down with Anna, a journeyman electrician in Portland whose union job comes with a defined benefit pension — yet she isn't sure whether that's enough to retire at 60. They explore how to account for a pension when gauging your retirement progress, why pension projections can be tricky when work hours vary, how to use the three-bucket framework (guaranteed income, invested accounts, and cash reserves) to see where your plan stands, and how Social Security projections could help you figure out exactly how much more you need to save.

Pension Plan vs. 401(k): Types, Pros & Cons: https://www.nerdwallet.com/retirement/learn/pension-plan

How Long Will My Money Last in Retirement? Calculator, How to Stretch It: https://www.nerdwallet.com/retirement/learn/how-long-will-your-retirement-savings-last

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To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected].

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