You’ve done all the hard work and planning to get to this point, and after many years of service to Verizon, you are reaping the rewards of that hard work. What can you do to make sure that your retirement cash flow and investment game plan continue to work for you?

The Crucial Steps You Should Take When Reviewing Your Retirement Cash Flow and Investment Plan

In our experience, we find a lot of value in conducting a full and comprehensive review of your income sources, expense needs, and investment portfolio at least once a calendar year. Here are the different steps you can take to do so. If you’re working with an advisor, he/she should be guiding you through these steps.

1. Review your Risk Profile

Has your appetite and/or budget for risk in your portfolio changed substantially? If so, it may be worth exploring an adjustment to your investment portfolio strategy. 

Risk Assessment Questionnaire

This “investor personality quiz” questionnaire can be used to determine if your portfolio strategy is still aligned with your needs. At the end of the questionnaire, you’ll get a “risk score” which you can use to compare against your current portfolio to determine if any changes might need to be made.

2. Take Inventory of Your Current Wealth and Income Needs

While the original assumptions used for your initial retirement and cash flow plan are a great benchmark to work from, life happens and therefore things may play out slightly differently compared to the original plan. Taking inventory of all the crucial components of your wealth can help determine if your needs from the portfolio have changed. These components include:

  • Current emergency fund 
  • Any additional cash savings 
  • Income needs/expense components and current withdrawal rate 
  • The current value of all investment accounts – 
  • Current income sources 
  • If you haven’t already done so, your advisor should assist in conducting a Social Security Optimization Analysis for you (and your spouse). This analysis will help determine the best timing to commence your Social Security benefit so that you are maximizing this income source throughout your lifetime.

3. Make any adjustments to the portfolio investment and withdrawal strategies as needed.

A review of all the components of your wealth, income sources, and expenses will allow you and your advisor to determine if any changes should be made to where you are taking your income from, and how your wealth should be invested and managed.

FAQ'S

Can I still reach out to the Benefits Center even after I retire?

Yes! You can always reach out to the Benefits Center if you’re not sure where to go to get a question answered or to gather information about your retirement benefits. A few reasons for a retiree to reach out to the Benefits Center include 1. Questions about healthcare coverage 2. If you elected the annuity payout option for the pension and you have service-related requests/questions 3. Life insurance questions

How is my pension benefit protected if Verizon gets into financial trouble?

For those who take the lump sum distribution option, that asset is now yours outright and is not tied to the financial status of Verizon as the sponsoring company. For those who take the annuity option, a portion of your benefit may be in jeopardy if Verizon were to deal with financial troubles, depending on the extent of that financial hardship. The PBGC (Pension Benefit Guaranty Corporation) is meant to protect a portion of your annuity income so that the entire benefit is not lost.

How do I make sure I don’t outlive my money?

The right date to start taking your Social Security benefit is different for everyone and is an extremely personal decision. There are several components everyone should keep in mind when making this decision: 1. Income needs in retirement 2. Income resources you can depend on besides Social Security 3. Family longevity history (and therefore your projected longevity). There are also several timing strategies that can be used between two spouses to start one’s benefits earlier and delay/grow the other spouse’s (eligibility for these strategies depends on the year in which you were born).

Webinars/Videos

Verizon Pension Benefit Webinar

Christina Hapanowicz, Bobby Hapanowicz, and Casey Gibb discuss the Verizon Pension Benefit and the choice between the annuity and lump-sum payout options.

Verizon Benefits Center Webinar

Hapanowicz & Associates' Verizon retirement experts Casey, Bobby, and Christina discuss what you should know when contacting the Verizon Benefits Center regarding your pension and employee benefits.

Understanding the Verizon Retirement Benefits Webinar

Members of the Hapanowicz & Associates' investment committee discuss the typical retirement benefits for Verizon associates and how those should work within your total financial plan and retirement plan.

Verizon 401(k) Savings Plan Webinar

The 401(k) savings plan is one of the most widely used tools in terms of saving for retirement. The H&A Verizon experts break down the Verizon 401(k) savings plan to help you better understand your options.

Expectations for Q2 2021 Pension Rates

In this video, Christina, Bobby and Casey discuss the expectations for Q2 2021 pension rates.

Why INTEREST RATES Matter for Pension Lump Sums

In this video we cover the main components that make your pension lump sum and how the interest rates in particular affect the overall value.

Documents

  • Links

Social Security Website

The official website of The United States Social Security Administration. 

  • Links

Medicare Website

The official U.S. government site for Medicare.

  • Memos & Documents

Estate Planning Guide

A helpful guide to help ensure you have everything you need for comprehensive estate planning.

  • Links

Retired With H&A? Account View

Online access to your accounts, statements and secure documents. 

  • Memos & Documents

Verizon Benefits Directory

Contact information for the Verizon Benefits Center and other important contacts. 

  • Memos & Documents

Lump Sum or Annuity? Verizon Pension Benefit Choices Explained

Pension-eligible Verizon employees should understand the pros and cons of the annuity option and the lump-sum payout. Learn more. 

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.