Hi Snowbirdtobe,
Here you are, facing that question all couples should ask as they enter retirement together. -- How do we plan financially for the eventual likelihood that one of us will survive the other?
I cannot answer your specific question, but I would like to offer a suggestion…..
I keep a book on hand titled Making the Most of Your Money Now by Jane Bryant Quinn.
I have written about this book in different threads here on TOTV. It was published very late in 2009 so the information is relatively current.
The book is really thick, but it is very well-indexed and the writing style is clear and quick. The excellent index makes it easy to find just the parts you need to read. And the table of contents gives a good overview. This book is really well organized.
When I read your question, I pulled out the book and turned to the index where there is a long list of entries on pensions. Included in the information, there is an Appendix that might help you.
Appendix 3, on pages 1201-1204 is titled “Pension Maximization: Will It Work for You?" Therein, you will find a worksheet, followed by Quinn's commentary on both the risks and advantages.
Appendix 4 is the Group Annuity Table -- the assumed life expectancy ages used by insurers that sell annuities.
Getting your hands on this book might help as you work some things through. It could be a start anyway, as you sort things out. The information might help you to come up with some further questions to ask an adviser.
I wish you the best.
This is the book....
[ame]http://www.amazon.com/Making-Most-Your-Money-Now/dp/B0048ELE4U/ref=sr_1_1?ie=UTF8&qid=1302988861&sr=8-1-spell[/ame]
Boomer
|