Attn BP Employees,
Interest rates affecting BP employees collecting their pensions in August 2021 have flattened out and show a slight decrease from last month’s interest rates. As discussed in our BP pension email last month, the “pause” in rate increases was anticipated and welcomed after seeing several months of substantially higher rates. While the current leveling of interest rates does give relief to those of you looking to retire or separate from BP later this year, we are cautioning BP employees that we could see continued rate increases later this year depending on how the economic picture continues to unfold.
The US Federal Reserve recently hinted at the possibility it may adjust its current low interest rate policy should the economic situation in the US continues to strengthen, which we believe could likely occur. While this signals an overall strengthening economy, it also means pension values may come under additional pressure in the months ahead – whether this ultimately happens remains to be seen.
For BP employees looking to retire later this year, we highly recommend you speak with one of our experienced financial advisors to determine when would be an opportune month to file for your pension benefits. Current BP pension rules allow retirees to select any month after they retire as their Benefit Commencement Date, meaning you have options and do not have to select the month following your separation if another subsequent month yields a better outcome for you.
At Capstone Wealth Advisors, one of our unique specialties is understanding the inner workings of your BP retirement plans and how to make the optimal decision when it comes to filing for your benefits. To schedule a complimentary consultation with one of our advisors simply email us at info@capstonewealthadvisors.com or call (877)739-6007.
Regards,
Tyler E Ryan
877-739-6007
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