almost there
Thinks s/he gets paid by the post
- Joined
- Sep 24, 2008
- Messages
- 1,012
Randomly discovered this morning the projected monthly benefit on my cash balance pension drops $118.00 per month from $1518 to $1400 Dec 1st. Due to the 2017 int. rate change. Seems like a no brainer taking it now, by Nov. 1st.
Was just surprised / shocked & wasn't planning on taking it for a few years. As its been growing nicely at about $10.00 a month.
Am 55, the pension cash balance is $291k or $1518 monthly if I take it now.
At the new rate, it would take over a year to get back up to $1518. And who knows after that? Cashing it out is not an option for me. Always planned on taking the annuity, so taking the cash does not interest me. Would not know where to put it anyway. Not to mention the Tax hit.
Took me 30 years to get the $1500 a month.
Nothing like what I signed up for in 1984. LOL LOL But its better than nothing.
Just looking for input as this caught me completely off guard 10 minutes ago.
Was just surprised / shocked & wasn't planning on taking it for a few years. As its been growing nicely at about $10.00 a month.
Am 55, the pension cash balance is $291k or $1518 monthly if I take it now.
At the new rate, it would take over a year to get back up to $1518. And who knows after that? Cashing it out is not an option for me. Always planned on taking the annuity, so taking the cash does not interest me. Would not know where to put it anyway. Not to mention the Tax hit.
Took me 30 years to get the $1500 a month.
Nothing like what I signed up for in 1984. LOL LOL But its better than nothing.
Just looking for input as this caught me completely off guard 10 minutes ago.