Level Income Option for Pension Question

[Bobby99]

Any math whizzes out there? I have requested the following from my pension administrator but it takes 10 days to get the answer in the mail:

Current Monthly Pension if I take now at 55: 1,791.00 (75% joint and Survivor)
Social Security at 62 is $1,857.00

Roughly speaking, what will the pension amount be using the level income option from age 55 to 62? I assume that amount drops at 62 by the $1,857.00 Social Security payout .

Thanks so much!

 

[chinaco]

You need to provide more information. Do you have the pension payout calculation?

 

[Bobby99]

You need to provide more information. Do you have the pension payout calculation?

the joint life and 100% is .7750 at 62-I don't have the number for 55
full pension at 65 is $3888.00 for single life
the lump sum now would be $348,000

I am 55 and my wife is 43

I might need to wait for the company's calculation, but if you think this is enough for a range that would be terrific.

Not interested in lump sum-Thanks much!

 

[pb4uski]

Plan benefits will vary by plan based on the provisions of the plan, your age and years of service and possibly other factors so you will need to wait for the administrator to get the options for you. I'm surprised that it takes 10 days though.