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Pension plan option question

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Money Talk > Retirement Planning

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rsprec
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Cash: $ 3.60

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Joined: 27 Feb 2010

Pension plan option question  Reply with quote  

Hi

I recently turn 55 with 21 years in current company so adds up to over 70
With that my company is being split and even though still with them on paper
For the pension plan I will be terminated. Therefore eligible to receive payments
For life.

Pension plan is actually from past bought out company and has not been funded
Or growing since 2008 except for interest on the investments

Cash in plan 53544

Payments now: 444.00
Payments age 65: estimated 675.00

Numbers based on
50% joint & survivor annuity with COLA

My family life average is around 85
But then I already had heart surgery so hard telling wit myself

Question
Should I start payments now .. Or wait until 65
If now then what type of pension option... I won't list them all yet but such
Things as higher survivor percentage without COLA
10 or 5 year certain & life annuity
Even a level income annuity with SS leveling at age 62

Thanks
Post Tue Oct 06, 2015 2:11 am
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MaxLee
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Cash: $ 0.20

Posts: 1
Joined: 07 Oct 2015
Location: USA
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Well, I think you should do this now, as who knows what can happen to us tomorrow. You cannot rely on your family average age, especially when you had heart surgery. You should only rely on yourself and start saving money.
Post Wed Oct 07, 2015 7:53 am
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