Frequently Asked Questions
Can I retire?
Retirement decisions involve more than simply reaching a certain age. Evaluating retirement accounts, pensions, Social Security benefits, and other income sources can help create a clearer picture of retirement readiness.
How much income can my retirement accounts generate?
Many people know their account balances but have never evaluated how those balances may translate into retirement income. Income potential depends on account values, age, retirement goals, and available options.
Why does one company produce more retirement income than another?
Different companies use different actuarial assumptions, payout rates, expenses, age brackets, and optional benefits when calculating retirement income.
What do A.M. Best ratings mean?
A.M. Best is an independent rating agency that evaluates the financial strength of insurance companies.
Are there fees?
Some retirement income strategies have no explicit fees, while others include charges for optional benefits.
Can I keep my money where it is?
Absolutely. Many individuals simply want a second opinion regarding their current retirement strategy. There is never an obligation to make changes.
What is ORP?
The Optional Retirement Program (ORP) is a defined contribution retirement plan available to many Tennessee higher education employees.
What is TCRS?
The Tennessee Consolidated Retirement System (TCRS) is a pension program that provides eligible participants with a monthly retirement benefit.
How is ORP different from TCRS?
TCRS participants generally retire with a pension benefit. ORP participants retire with an account balance and must determine how those assets will be used to create retirement income.
Do I have to be retired to get help?
No. Many conversations take place years before retirement.
Can I have multiple retirement accounts?
Yes. Many individuals have retirement assets spread across multiple accounts.
How does Social Security fit into retirement planning?
Social Security is often one piece of a larger retirement income plan.
What information do you need from me?
Typically, retirement account statements, pension information, and a Social Security estimate provide a good starting point.
What happens after I leave my employer?
Depending on your situation, you may have several options available regarding your retirement assets.
Should I compare retirement income options?
Many individuals only evaluate the retirement income option offered by the company currently holding their retirement assets.
Is there a cost for an initial consultation?
No. Initial conversations and retirement reviews are provided at no cost and without obligation.