As a fiduciary financial advisor in Aiken, Holland Capital helps Savannah River Site contractor employees nearing retirement see how their pension and their workplace savings plan can work together as one source of retirement income. We work with clients in Aiken by video and phone, and meet in person by appointment at the Regus center on Trail Ridge Road.
A pension and a 401(k). Two benefits, one retirement.
Aiken is home to about 32,500 people, per Census estimates covering 2020 to 2024. Close to three in ten residents are 65 or older.
The Savannah River Site is run by contractors for the Department of Energy. Depending on your employer, your hire date and your plan, you may have a pension, a 401(k) or both.
As retirement gets close, the choices start to arrive. Each one affects the others, so it helps to look at them together.
Start with Your Own Plan Documents
Benefits at the site are not the same for everyone. Your summary plan description and your latest benefit estimate show what your plan offers.
We read them with you. Then we list each benefit, when it can start and what choices it gives you.
Pension Payment Choices
A pension may offer a lifetime monthly payment and one or more survivor options. Some plans also offer a lump sum.
Once pension payments begin, the payment choice is generally difficult or impossible to change. If you are married, the plan may require your spouse’s written consent for some options. Our guide on pension lump sum or annuity walks through the trade-offs.
The 401(k) Next to the Pension
A pension pays a steady amount. The 401(k) can fill the gaps, such as the years before Social Security or a large expense.
Depending on the plan, you may be able to leave the 401(k) where it is, roll eligible amounts to an IRA or move only part of the account. We compare the costs, the investment choices and the withdrawal rules before you move anything.
Social Security and Taxes
Pension and 401(k) income can be taxable. Social Security follows separate federal tax rules and is not taxed by South Carolina. When each source begins can affect your tax bill for years.
With retirement planning, we map your income year by year, so you can see how the pieces fit.
How We Work with Clients in Aiken
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
Bring your pension benefit estimate, your summary plan description, your latest 401(k) statement, a recent Social Security estimate and a copy of last year’s federal return.
At the end, you have a written summary of your benefits and a plan for when and how to start each one.
The first conversation is free. If there is work worth doing after that, we will define the scope and cost before you decide whether to move forward.
Our offices are in Charlotte, North Carolina and Winter Park, Florida. We work with clients in Aiken primarily by video or phone. When an in-person meeting makes sense, we meet by appointment at the Regus center at 900 Trail Ridge Road in South Aiken.
We work with clients throughout South Carolina. You can see the other South Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
Can I Take My Pension as a Lump Sum?
It depends on your plan. Some site pensions offer a lump sum, and some do not. Your plan documents and benefit estimate will show your options.
Why Work with a Fiduciary on Pension Decisions?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. Because a pension choice is often hard to undo, that means advice based on your plan and your household.
We put our fee in writing before any work begins.
Can We Meet Face to Face in Aiken?
Yes. We book a room at the Regus center on Trail Ridge Road, about ten minutes from downtown. Between visits, a phone call or video meeting is usually enough.
Photo: Todd Lista / Wikimedia Commons / CC BY-SA 4.0, cropped.
