firemediceric
Recycles dryer sheets
- Joined
- Aug 9, 2017
- Messages
- 207
An extremely strong case has been made as to why I should choose the 100% annuitant option. You’ve certainly changed my mind from my opening post. Thank you.
An extremely strong case has been made as to why I should choose the 100% annuitant option. You’ve certainly changed my mind from my opening post. Thank you.
I may have missed this if it was already mentioned. For DH's pension we chose the 100% to me if he dies first. This resulted in an 11% reduction.
If I die first he can inform his pension plan that he no longer has a survivor and he will get a "pop up" in his pension amount due to it changing to a single life. I don't know if this is specific just to his pension or if this is a standard thing.
It might be helpful to know if your pension options have this provision.
What does the average Firefighter in your department do in this case? There must be one popular choice they go with. Does your IAFF Local give any guidance as to what makes the most sense?
Once you make your choice there's no going back. Be careful. I would say that 95% of Firefighters here leave a certain high percentage for their spouse.
With my pension, it would revert to the 16% higher rate should I survive her.
Thank you for relaying your firsthand experience and decision making. All valid points.
I'm being told by sharper financial minds than myself as well a past retirees of this plan that there are life insurance products and other investments which are better options than the offered Joint Annuitant Benefits. That is going a long way into my ruling out those bottom 4 options.
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You are 100% correct there is no going back once I submit the signed form. That’s why I have such angina trying to make sure I make the best decision.
You are 100% correct there is no going back once I submit the signed form. That’s why I have such angina trying to make sure I make the best decision.
I would not rule out the joint life option. How old is your spouse?
Also that $1000 difference is "only" for about 10 years when it then becomes only about a $300 difference.Spouse is 52 y.o.
Previous posters have convinced me to go with the 100% joint life option. Although it reduces my pension benefit by $1000 a month, I am not finding a better cost effective alternative.
Good choice. I just put my papers in and did the same with my pension. Unlike yours, my wife is the same age, but is much healthier than me and I wouldn’t want to see her have any possible decrease in guaranteed income if I predecease her.Spouse is 52 y.o.
Previous posters have convinced me to go with the 100% joint life option. Although it reduces my pension benefit by $1000 a month, I am not finding a better cost effective alternative.