If you are targeting a retirement date in the next five years – congratulations!  You have invested your career with Verizon, and Verizon has provided you with a fantastic suite of retirement benefits.  Your retirement benefits as a CWA or IBEW member, including your pension lump sum, retiree healthcare benefits, and 401(k), are unique in the marketplace today.  Thus, the retirement planning considerations Verizon associates face are unique and specific to them.  The complexities can be overwhelming, and it can be difficult to know where to start.

Here are just a few of the considerations that you will want to think about before retiring:

  1. Should I choose the annuity or lump sum pension election option?
  2. How do I maximize my pension lump sum benefit?
  3. How do I take tax-efficient income from my retirement accounts if I retire prior to age 59 ½?
  4. How do I know that my 401(k) allocations make sense for me given the new phase of life I am entering?
  5. What are my retiree healthcare options?
  6. How do I know what my retiree healthcare premiums will be in retirement?
  7. How do I decide when I should elect my Social Security Benefit?
  8. What are my Verizon retirement eligibility requirements?

A lot to think about!
Over our 23 years in helping hundreds of union-affiliated Verizon employees transition into retirement, we have found that implementing a disciplined process to address each of these considerations at the right time can simplify your retirement planning and make the process far more digestible.
To determine where exactly you are in your retirement timeline, and what planning items you should be addressing now and in the future, click below to download the Verizon Employee’s Guide to Retirement Planning.

FAQ'S

How do I choose the right investment allocation for my 401(k)?

The right investment allocation is going to be different from one individual to another, but there are three main components we think you should take into account when choosing the investments in your 401(k): 1. Diversification 2. Risk tolerance 3. Time until retirement. We recommend using the resources available to you through Participant Services and/or working with your advisor to come up with your optimal investment allocation.

What are the factors that affect my pension benefit estimate?

Three main factors affect the value of your pension benefit estimate: 1. How long you’ve been working for Verizon (the longer you have worked for Verizon, the higher your monthly pension benefit estimate) 2. Interest rates (higher interest rates result in lower pension lump sum estimates and vice versa) 3. Your age (the older you are, the lower the pension lump sum estimate)

How often do my pension interest rates update?

The answer is different based on your union affiliation.  Many union affiliated Verizon employees, such as Mid-Atlantic East Associates, for example, have interest rates that update on the first of each quarter.  West Associates and Managers, on the other hand, have pension interest rates that update on the first of each month.  The closer you are to retirement, the more important it is to monitor interest rates in an effort to maximize your pension lump sum benefit.

Webinars/Videos

EISP masterclass

Avoid Early withdrawal penalties masterclass

Why interest rates matter video

How to choose between annuity and lump sum

Documents

  • Case Studies

Diversifying concentrated VZ Stock Allocation in 401(k)

Learn how one client properly allocated his 401(K) between stocks and bonds, as well as diversified his plan across all asset classes and market sectors. 

  • Case Studies

How the Right Guidance Saved a Verizon Employee $30K

Learn how the H&A team helped one client save $30,000 in pension benefits by identifying an error in his retirement commencement date.

  • Memos & Documents

What Type of Investor Are You?

The Investor Profile Questionnaire is designed to help you gain an in-depth understanding of your investment objective, which serves as the foundation of your portfolio and guides us in making investment recommendations.

  • Article

Lump Sum or Annuity? Verizon Pension Benefit Choices Explained

As a Verizon employee, your pension benefit plays an essential role in your retirement income planning. When deciding to retire from Verizon, one of the biggest decisions you will have to make is whether to take the lump sum or annuity payout option.

  • Article

Tips for Verizon Employees Considering an EISP Offer and Early Retirement

The decision of when to retire is one of the biggest you can ever make. An early retirement offer from Verizon, whether an ISP, EISP, or Special EISP, can result in you having to accelerate that decision within a relatively short amount of time.

Start planning for your retirement today!

We’re only a phone call or email away. Whether you have a question about building and managing your wealth or planning for your future, or if you just want to get to know us better, we would love to hear from you.