I wanted to know what the members of the forum think on the topic of buying additional service credits; 5years/60 months addition.
Just finishing my 30 years service, state government pension and have the opportunity to buy an additional 5 years of service credits. Basically, an single premium annuity that can be funded from a 401k, etc. It appears the state fun is funded well and reasonably stable. Retirement set for May 1, 2016. TG.
Here's the details; $327/month added to pension; $56,500 cost. Cola'd at least payout is tied to an inflation indicator. If I die, the balance of the single payment is paid to my beneficiary, if it exists.
Health is ok to good, not great. "the dice roll"
From my analysis, it's a decent deal for me. However, I'd like to get some confirmation or a "go/no-go".
Thanks in advance.
Just finishing my 30 years service, state government pension and have the opportunity to buy an additional 5 years of service credits. Basically, an single premium annuity that can be funded from a 401k, etc. It appears the state fun is funded well and reasonably stable. Retirement set for May 1, 2016. TG.
Here's the details; $327/month added to pension; $56,500 cost. Cola'd at least payout is tied to an inflation indicator. If I die, the balance of the single payment is paid to my beneficiary, if it exists.
Health is ok to good, not great. "the dice roll"
From my analysis, it's a decent deal for me. However, I'd like to get some confirmation or a "go/no-go".
Thanks in advance.