Friday, April 13, 2012

Follow That Pension

During these tough economic times, it is more important than ever to make sure that you get every penny of salary that you earn, and that includes your company’s pension plan.
Last year, over 100 pension plans failed, writes Susan Johnston for U.S. News & World Report and reported in the Chicago Tribune. Even simple errors by your employer and overlooked by you could cost you thousands of dollars over your working years. If you can’t afford to lose that kind of money (and who can), read on for some angles from certified financial planner, Rick Rodgers.
•    If the company that you work for has merged or been bought out by another, your pension plan may have changed, making things a bit complicated. “The Pension Protection Act of 2006 requires plans to automatically provide individualized benefit statements”, writes Johnston. Request a copy of your plan and study your statements to make sure you are receiving full benefits. Talk with your company’s benefits officer if you have questions.
•    If you have changed jobs or have moved and did not take a lump-sum cash-out from your last job, make sure that you keep in touch with your past employer and let the benefits officer know each time you move. You should receive plan updates every three years, Rodgers avers.
•    Make sure that your Social Security information is correct. For only $15 you can request your Social Security earnings information by using form SSA7050.
•    If you marry, get divorced or lose a spouse, be sure to update your pension status. Don’t neglect this important step; there are many unfortunate ramifications of incorrect or out-dated information.
•    The decision of when to start drawing your pension, including Social Security, can be a crucial one, especially if you decide to work past the age of 65. Schedule an appointment with your accountant or financial planner to decide on the best plan for you.
You can also go to to check on any accrued pension money, Rodgers states.
If you have insurmountable debt due to the difficult economy, take control of your future. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Macey Bankruptcy Law; we have helped hundreds of thousands of satisfied clients discharge their overwhelming and debilitating debt. For your free initial consultation, please call 800-260-1402 or log onto our new easy-to-navigate and interactive website

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