Welcome to the Georgia Safe Retirement Planners Podcast, your trusted source for retirement planning and financial security in Georgia. In today's episode, we tackle an essential question: Who pays your pension when you retire?

Many retirees are unaware of how their pension payments are managed and the potential drawbacks of traditional pension annuities. Typically, your pension is paid out by the system overseeing your retirement plan—be it a public entity like the Teachers Retirement System or Social Security, or a private organization. Often, pensions utilize an annuity company to distribute monthly payments, guaranteeing lifetime income. However, this setup can have significant downsides: you might relinquish control over your savings, miss out on earning interest, and leave no death benefit for your heirs.

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