If you are approaching retirement, you might be wondering if your savings will sustain you. One Purdue instructor has some tips on how you can maximize your pension.

Associate Professor of Finance Deniz Yavuz says pensions are basically benefit packages where employers, and sometimes employees, contribute money to be collected as fixed income upon retirement.

Yavuz notes that pension plans often come with a list of eligibility requirements. So, he urges you to become familiar with your plan.

Some risks with pensions include losing your savings if your former company goes bankrupt, or getting less than what you should because of under-funding. If you believe your company may go out of business, see if your pension is insured, and possibly look into moving your funds into an IRA. Learn more here.

He also says pension plans do not often account for inflation. If yours does not, he recommends taking precautions like creating portfolios and investing in protected bonds.

Find other tips about maximizing your pension here.