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Got it,totally understand. Didn't mean to frustrate anyone.Thx!

So what would happen, for example, if on the day of death I took 1/2 of his portfolio and cashed it out? What kind of taxes would be imposed on the cashed out portion if I'm 55 years old when the day comes? Surely there would be some income tax or something. I'm just making sure I got this...

Great info! Yes, Dad and I both live in NC. I have another decade or so to work before I can retire.

Wow! Thanks guys. I figured the Gov't would get their taxes one way or the other.

Been a while since I have posted on here but here goes. I was going over my dads retirement and he has a IRA and then he has a diversified portfolio of just stock. His financial advisor told him that when he dies, whatever he has in his STOCK will go to his beneficiary(which is me) and if I want...

Thanks Athena, that helps clear the muddy water a little! She started this annuity back in 2012. We will try AGAIN to contact the person who sold her on this and see what he recommends, if you can trust them.....

My mom,73 years old, has this Annuity that shows the account value at $49,254. The "Current Cash Surrender Value" is $46,241, these #'s were from her statement on Dec 31, 2018. Now she has gotten a letter from Security Benefit that states: "An allocation in your annuity contract's 5-year...

Thanks to everyone for their advice!

Just curious what "form of payment" most retirees go with: Single Life Annuity 50% Joint & Survivor 100% Joint & Survivor I know if you no longer have a spouse you would obviously go the Single Life route but I plan on having my spouse around and didn't know if people still choose the Single...

No medical insurance once I leave the company. As far as how the pension is funded, IDK. I will need to do a little digging to find out.

Well, looking at the "plan formula" the benefit is determined by Final Average Earnings X Credited Service X 3% = Lump Amount. Sooo, IDK how all this plays out if I just kept it with the company and took it at 65. Does the amount keep gaining 3% even thou I'm no longer working for the...

Yes this is figured with my last work day being in 2019. Yes this is "PROJECTED" benefit amount.

I have NOT maxed out other tax vehicles. I always put 8% into the 401K which and that is what the company would match. The last 8 years I started putting 6% into the Roth that is thru the 401K and the other 2% just went into the regular 401K. In the last 5 years or so I also started putting some...

Annual Pay Increase This is an estimated average annual increase in your pay. This percentage is applied to your current pay to project your pay until you leave the company or retire. A higher annual pay increase percentage projects more pay before retirement. Higher pay at retirement results...

All these #'s I'm giving out are automatically figured/generated off the company website. 55=$731-single, $650-50%J&S, $592-100%J&S 60=1008-single, 897-50%, $816-100% 65=1436-single, 1278-50% $1163-100%

I think you are correct. When I plug the #'s in it shows my "last Day of Employment" as 4-30-2038. This site is amazing and I really appreciate all the feedback. :):)

Here are the numbers if I keep it until 2038 retirement Single Life=1616 50%J&S=1438 100%J&S=1309

Yes, I have the Annuity option. Single life=$435 50%J&S= 387 100%J&S 352 If I took it right now. I will have to go back into the system and check on normal retirement dates. I will do that here in a moment.

No doubt that I'm inexperienced in investing but I just don't want to be in a position like the United Airline workers in 2005 where there pensions got yanked around. I guess I just want to protect what I know I have currently. Maybe I'm thinking wrong, IDK.

Ohhh, I definitely plan to take the lump sum and roll it somewhere. Where the best place to put it is, well I just don't know that yet. I at least want the pension in MY possession!

I can take my pension as a lump sum.

Thx Bill. Great info.

What is considered a "low income" and how or why does that matter if I put if I put money in a ROTH? Just curious and trying to learn here!!!

Would it be a wise decision at this age in life to start putting more money into my Roth account?

Unfortunately I know I will have to keep working but I think I'm DONE with the corporate BS. I can get by on $1000 per month and that includes all utilities, home & auto insurance, taxes and groceries. The only thing not figured in is healthcare and that is really why I need to keep working(in...