If you have a pension, you could be making retirement planning mistakes that cost you thousands of dollars—or leave your spouse without the guaranteed income they need.

In this video, we break down the biggest pension mistakes retirees make and explain how your pension should work alongside Social Security, your 401(k), IRA, and other investments. We'll cover how having a pension can change your investment strategy, why the timing of your retirement income matters, and how to decide between a lump sum and monthly pension payments.

You'll also learn why survivor benefits are so important, how inflation can affect your pension's purchasing power, and a simple 5-step framework to help you build a more complete retirement income plan.

Whether you're approaching retirement or already receiving a pension, understanding these decisions can help you protect your retirement income and make more informed financial choices.