Hello everyone, I have been browsing around this forum and have picked up many tips from all of you.
Here is my multiple faceted dilemma. I have the ability to purchase 2 additional years of pension benefits for aprox $80,000.
The benefit increase from the 2 additional years will increase the pension $5000 a year for life and transfers 100% to spouse.
This pension also has a 3% increase every year.
I am torn. This is with the Illinois, so it could be defaulted on in the future and I am out 80k. The 3% cola is at risk too.
Thanks for any input!
Here is my multiple faceted dilemma. I have the ability to purchase 2 additional years of pension benefits for aprox $80,000.
The benefit increase from the 2 additional years will increase the pension $5000 a year for life and transfers 100% to spouse.
This pension also has a 3% increase every year.
I am torn. This is with the Illinois, so it could be defaulted on in the future and I am out 80k. The 3% cola is at risk too.
Thanks for any input!