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There are many things to take into account when you're planning for
retirement. Knowing how much income you can expect to receive from your
Local 804 retirement program ─ and when you will qualify to get
it ─ is a good starting point. From there, you can begin to think
about the kind of lifestyle you want when you retire from the trade and what
your expenses will be.
If you spend most of your career in Local 804, chances are your Local 804 pension will make
up a big part of your retirement income. Remember ─ your pension comes in two parts: a defined
benefit (DB) pension and a defined contribution (DC) pension. This calculator is
for your DB pension. For information on your DC pension, go to the
VIP Room at Standard Life (you'll need your user ID
and PIN).
Using this calculator, you can:
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see the impact of different retirement ages on the amount of DB pension you
would receive;
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compare your monthly DB pension payments under the different payment options
available to you.
To get started, you'll need the latest copy of your IBEW 804
DB pension statement
(December 31st, 2011). If you can't find your copy, contact
Union Benefits. Then, simply click on "calculator" and
start planning!
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