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What is a pension? What is a Defined Benefit Pension? How should I take my pension? In this video I share some nuggets of info about what a pension is and specifically outline a few examples for Firefighters. {Hey, I recently started a Financial Vlog - would like to invite you to follow along if interested: • Escape the Rat Race & Automate (Finan... - Kyle} There are two types of pensions: a Defined CONTRIBUTION Pension & a Defined BENEFIT Pension. A Defined Contribution Pension is where the employee makes contributions into their account - such as a 401k...however...most people just refer to these as "401k's" and not pensions. A Defined Benefit Pension is where the employer only makes contributions (based on employee salary) into the pension...in America when most people refer to "pensions" they are referring to this Defined Benefit Pension where you can annuitize your pension account and create an income stream for life. Deciding on when you retire and how you take your pensions during retirement are very personal financial decisions and should be planned years & decades in advance in order for you to have a successful financial retirement. If you are married to a Firefighter or anyone that might receive a pension as part of their retirement benefits - THIS VIDEO IS FOR YOU. Hope you learn a thing or two! ————— Call if you WANT TO ASK ME A QUESTION... ➡️ https://bit.ly/KSchollCoaching ————— MY WEBSITE 👨💻 https://www.kscholl.com ————— Support the channel - random referral links: ➡️ BLENDERS SUNGLASSES: Get $20 off your order of $50 or more: http://rwrd.io/dhqkw4a ➡️ Nice & affordable WATCH STRAPS from StrapsCo: https://strapsco.com/?ref=161 ➡️ My MAGNETIC COLLAR STAYS on Amazon: https://amzn.to/3q70ZPE ➡️ Hey! I'm using SoFi INVEST 📊 to buy and sell stocks (and pieces of stocks) with ZERO fees. Open an Active Investing account with $100 or more and you'll get $25 in stock. Use my link: https://www.sofi.com/invite/invest?gc... ➡️ STUDENT LOAN REFINANCE WITH SoFi: https://www.sofi.com/invite/student-l... ➡️ 50% OFF QuickBooks Online Subscription for first 6 months: https://refer.quickbooks.ca/s/kylescholl ————— ➡️ Share this video with a friend: • What is a Pension / Firefighter Pensi... ————— ➡️ Subscribe for more videos: / @financial_awareness ————— OTHER VIDEOS YOU MAY LIKE Dave Ramsey's 7 Baby Steps: • Dave Ramsey Baby Steps // Baby Steps ... 5 Ways to Save Money NOW: • Best Ways to SAVE Money // Money Savi... Tax Bracket Management: • Tax Bracket Management // How to Mana... 401(k) - Roth 401k vs Pre-Tax 401k: • Roth 401k vs 401k // Roth 401k Explained 401(k) - Plans No Longer Make Much Sense: • 401k Plans No Longer Make Much Sense ... 401(k) - How Aggressive Should it be: • How Aggressive Should My 401k be? (A... 401(k) - Should I...Cash Out my 401k: • Should I Liquidate my 401k // CARES A... 401(k) - Should I...Borrow from my 401k: • Should I Borrow from my 401k // Cares... ————— ABOUT ME 👇 I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos. My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor. This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience. Subscribe if you are interested in: #Retirement #PersonalFinance #FinancialEducation DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.