Defined Benifit Option
My wife was just sent an option by her CALSTRS retirement system. She currently receives $2,200 a month. We had already selected a retirement option for me to receive a 50% successor benefit option. For some reason the state has sent out a new option for its successor benefit. The new offer is $2,100 a month but with a 75% successor rate.
I am not inclined to change anything and neither the $100 a month now or the additional $550 later on is critical in any way but I cannot figure out which is the better option. How do you clever folks who understand annuities and other payment systems figure these things out?
Old men ought to be explorers