I’m currently 59 years old and I need to make a decision on my pension. Below are the options I’m considering.
Any advice would be greatly appreciated.
Option 1 - Taking my pension on 2/1/2014 without social security leveling would be $31.000 per year starting in February 2014 with 100% joint and survivor annuity.
Option 2 - Taking my pension on 2/1/2014 with social security leveling would be $42,514 until 10/1/2021 and then $21,514. The survivor annuity would stay at $31,000 per year.
I like the idea of taking option 2 and having an additional $11,514 for 7 years to enjoy in my younger years. Would you do it?
Any advice would be greatly appreciated.
Option 1 - Taking my pension on 2/1/2014 without social security leveling would be $31.000 per year starting in February 2014 with 100% joint and survivor annuity.
Option 2 - Taking my pension on 2/1/2014 with social security leveling would be $42,514 until 10/1/2021 and then $21,514. The survivor annuity would stay at $31,000 per year.
I like the idea of taking option 2 and having an additional $11,514 for 7 years to enjoy in my younger years. Would you do it?