If you’ve spent your career at Southern Farm Bureau, you’ve probably built up something most private sector workers don’t have anymore: a real pension. On top of that, you likely have a 401(k) with company matching. That’s a solid foundation for retirement.

But having good benefits and being ready to retire are two different things. A lot of people we talk to aren’t sure whether what they’ve built is actually enough, or how to put it all together into a plan that works.

Here’s what’s worth thinking through before you make that call.

You Have Two Retirement Income Sources to Work With

Most Southern Farm Bureau employees retire with both a pension and a 401(k). That’s actually pretty rare today. The pension pays you a monthly amount based on your salary and years of service. The 401(k) is money you’ve saved and invested over your career.

The question isn’t just how much you have in each one. It’s how they work together, and whether the total picture lines up with what you actually want retirement to look like.

Social Security Timing Matters Too

Your pension, your 401(k), and your Social Security benefit are three separate income streams. When you start Social Security affects how much you’ll collect for the rest of your life. Claiming too early can cost you more than most people realize, especially over a 20 or 30 year retirement.

Getting the timing right on all three is one of the most important decisions you’ll make heading into retirement.

Taxes Don’t Stop When You Retire

Pension income is taxable. 401(k) withdrawals are taxable. How you structure your income in retirement can make a real difference in what you actually keep. This is an area where having someone think it through with you pays off.

What We Usually Hear in That First Meeting

When folks who’ve worked at Southern Farm Bureau come in and sit down with us, the questions are almost always the same.

“Am I going to be okay?”

“Can I actually stop working?”

“Is my plan set up right?”

Those aren’t complicated questions. But the answers depend on your numbers, your goals, and your timeline. That’s what we work through together.

You Don’t Have to Figure This Out Alone

If you’re getting close to retirement at Southern Farm Bureau, or you’ve already retired and want to make sure your plan is set up right, we’d be glad to take a look.

We’re based in Clinton, Mississippi, and we work with a lot of folks in this area who are in exactly that situation. Give us a call at 601-925-8099 or visit mascagniwealth.com to set up a time to talk.