capjak
Full time employment: Posting here.
I am retiring end of August and will need to choose a pension election.
We should have more than enough outside to sustain our projected lifestyle
(i.e. 34x expenses, can be flexible, 71x non discretionary expense not counting a pension). I am 55 DW 54 (she has 7K pension starting next year 100% survivor)
Question how to determine which to elect:
1) 50% survivor vs 75% vs 100%?
2) Level Income option (increase to 62 than decreased to mirror SS) vs traditional distribution
Numbers:
Level income option at 100% survivor:
55,572 to April 2024 and than 33984 to end of lives
or
40812 to end of lives
Level income option at 50% survivor:
57,516 to April 2024 and than 35928 to end (50% survivor)
or
43020 to end of lives (50% survivor)
Looked at year to break even but difficult as more $$ early is probably worth more due to inflation etc...
Plan on taking SS at 70 years of age
Sorry hoping some Math Savant is out there with an estimate?
Also we have longevity in both our families All parents alive at 80 to 87 currently.
We should have more than enough outside to sustain our projected lifestyle
(i.e. 34x expenses, can be flexible, 71x non discretionary expense not counting a pension). I am 55 DW 54 (she has 7K pension starting next year 100% survivor)
Question how to determine which to elect:
1) 50% survivor vs 75% vs 100%?
2) Level Income option (increase to 62 than decreased to mirror SS) vs traditional distribution
Numbers:
Level income option at 100% survivor:
55,572 to April 2024 and than 33984 to end of lives
or
40812 to end of lives
Level income option at 50% survivor:
57,516 to April 2024 and than 35928 to end (50% survivor)
or
43020 to end of lives (50% survivor)
Looked at year to break even but difficult as more $$ early is probably worth more due to inflation etc...
Plan on taking SS at 70 years of age
Sorry hoping some Math Savant is out there with an estimate?
Also we have longevity in both our families All parents alive at 80 to 87 currently.