Hi All
I am new here. My company has decided to stop payments into our retirement funds effective this September. This fund is an Lifetime Annuity. I am trying to figure out when I should start taking the payments. I would like to leave corporate America and persue my artwork full time ( I just got gallery representation in Sag Harbor!!!) and use this money to invest rather than for living expenses.
OK so here is my question:
If payments stop in Sept 2006 and I retire at 65 my payments will be approx 260. per month. So, I figure that if I live to 80 I will collect $260. for 180 months with a total of $46942 over 15 years. But . . If I start taking payments this year and I live to 80 the I will be collecting for 384 months at $119.48 per month giving me a total of $45880 over 32 years.
Am I correct in my calculation of payout? If not, can some one give me the formula to calculate the bottom line?
Mega Thanks
I am new here. My company has decided to stop payments into our retirement funds effective this September. This fund is an Lifetime Annuity. I am trying to figure out when I should start taking the payments. I would like to leave corporate America and persue my artwork full time ( I just got gallery representation in Sag Harbor!!!) and use this money to invest rather than for living expenses.
OK so here is my question:
If payments stop in Sept 2006 and I retire at 65 my payments will be approx 260. per month. So, I figure that if I live to 80 I will collect $260. for 180 months with a total of $46942 over 15 years. But . . If I start taking payments this year and I live to 80 the I will be collecting for 384 months at $119.48 per month giving me a total of $45880 over 32 years.
Am I correct in my calculation of payout? If not, can some one give me the formula to calculate the bottom line?
Mega Thanks