Pension Selection, Challenges of Age Gaps, The Forgotten Costs – Mailbag Episode

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Show Notes

In today’s show, we’re going to open up the listener mailbag and answer questions about pension selections, questions about the challenges you could face if there’s an age gap between you and your spouse, and then discuss the hidden costs you might not be seeing in your retirement income.

Each of these questions we’ll tackle today cover pretty common scenarios so you might find wondering about these down the road. Scott will provide some great thoughts and insight, recommendations, and strategies that could potentially be used in these situations. We always enjoy taking the strategies and tactics discussed on the podcast and apply them to some real life scenarios and that’s exactly what we’ll do today.

Key discussion points in this episode:

  • Should I even bother taking the spousal continuation option for my wife to keep getting the monthly payment if she outlives me?
  • My husband is 11 years old than me, and I probably have better genes than he does too, so it seems likely that I’ll be a widow for a significant portion of my retirement years. What sort of financial planning challenges does this create for me?
  • I need about $5,000 to live on each month in retirement, and my Social Security and pension will total about $5,300. Does this mean I’ll be able to leave my entire 401k behind to my son?


Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.