I will retire next year and one planner told us for me to take the single life annuity and the other said take the Joint Survivor Annuity (JSA).
Background Wife 48 yrs old
makes $83,000 covered under state pension and will retire at age 55 pension will be around 66% she is a nurse so will have reemployment options.
She has a 403b that she contributes $9,000 per year. current balance $220,000
I am 54 and will retire sometime in 2016. July 1st my single life annuity pension will be $60,841. a 50% JSA will lower my pension by 6.63%. around $336 per month.
Current assets for me.
457 plan $408,000.00
Deferred retirement option plan balance. $446,000. $6777.00 added to account each month while working.
payout upon retirement $60,000.
cash assets $70,000.
our retirement budget isn't adversely affected by the 50% JSA. state law requires a 50% JSA unless the spouse signs off on a single Life annuity. thanks
Background Wife 48 yrs old
makes $83,000 covered under state pension and will retire at age 55 pension will be around 66% she is a nurse so will have reemployment options.
She has a 403b that she contributes $9,000 per year. current balance $220,000
I am 54 and will retire sometime in 2016. July 1st my single life annuity pension will be $60,841. a 50% JSA will lower my pension by 6.63%. around $336 per month.
Current assets for me.
457 plan $408,000.00
Deferred retirement option plan balance. $446,000. $6777.00 added to account each month while working.
payout upon retirement $60,000.
cash assets $70,000.
our retirement budget isn't adversely affected by the 50% JSA. state law requires a 50% JSA unless the spouse signs off on a single Life annuity. thanks