Quote:
Originally Posted by Rainger99
I have to make a decision on my pension.
I have the following options.
Please note that x changes below.
Single life annuity. I get x every month until I die.
10 year certain amount and life annuity. Pays out for my lifetime and fixed amount for 10 years. X here is about 94% of single live annuity.
50% joint and survivor annuity. I get x for my lifetime and wife gets .5x for her life. X here is 87% of single live annuity.
75% joint and survivor annuity. I get x for my lifetime and wife gets .75x for her life.
X is 81% of single live annuity.
100% joint and survivor annuity. I get x and my wife gets x for her life. X is 76% of single live annuity amount.
Lumpsum. A lumpsum payment. This would amount to 124 months of the single live annuity.
I am thinking the best choice is a lumpsum payment.
On all of the other choices (except for the 10 year certain amount and life annuity), if my wife and I die in a car crash a month after taking the pension, I am leaving a lot of money with the company. On the other hand, if we live 30 more years, we would do pretty well with the 100% joint and survivor annuity.
Any recommendations or suggestions? Thanks.
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I had similar choices . I was married . I chose 100% joint and survivor annuity . I received the pension . It was about $200 a month less . I was 60 my wife was
63 . If you chose this and divorce as I did my spouse was entitled to a portion of my pension depending on how many years she was married to me while I was working for the company I retired from .
It was 94 % of the time .
She gets alittle less than half monthly I receive alittle more .
If I die first I recover her portion and if she dies first I recover her portion for the remainder of my life . Since I was married to her 100 % of the time she worked I was entitled to what was left from her lump sum pension .
If your wife will not recover your portion of the pension if you die the company you worked for benefits. And same for if your wife dies first .