PandaBear
Recycles dryer sheets
- Joined
- Mar 11, 2014
- Messages
- 313
While my retirement is still a year (or more likely two) away, I am still trying to make decisions about a pension annuity I will receive (actually, I've obsessed over it over the last few years, because I have had no idea what to do)
Little background.....dh and I both have pensions (we are both doing 100% survivor) and dh has social security (probably about 22-24K per year, because he's going to start at 62). If dh dies first, I lose his SS payment but my pension reverts from 100% survivor to member only benefit, which is an increase of about 9K per year.
My annuity has a cash value of about 50K. I can choose a lifetime benefit (about $325 per month), or a period certain annuity for 1-10 years (for example, I can receive $1385 a month for 3 years or $525 a month for 10 years). However, I just recently discovered I can also roll over the cash value into an IRA.
I've been thinking, maybe what I should do is roll over the money and just set it aside. If dh does first (statistically likely, as he's 3 1/2 years older than me) I can then start taking money out to help make up the lost SS.
Am I missing another good idea? Is there a better way to utilize this annuity?
Little background.....dh and I both have pensions (we are both doing 100% survivor) and dh has social security (probably about 22-24K per year, because he's going to start at 62). If dh dies first, I lose his SS payment but my pension reverts from 100% survivor to member only benefit, which is an increase of about 9K per year.
My annuity has a cash value of about 50K. I can choose a lifetime benefit (about $325 per month), or a period certain annuity for 1-10 years (for example, I can receive $1385 a month for 3 years or $525 a month for 10 years). However, I just recently discovered I can also roll over the cash value into an IRA.
I've been thinking, maybe what I should do is roll over the money and just set it aside. If dh does first (statistically likely, as he's 3 1/2 years older than me) I can then start taking money out to help make up the lost SS.
Am I missing another good idea? Is there a better way to utilize this annuity?