Hey everyone,
I just found this site - it looks really informative.
I've been reading quite a bit on the site but still have a question and look forward to any input.
I have two questions.
1) I have a pension at a large company.
I can start the pension now and receive 75% of the monthly pension amount or I can wait five (5) years and receive 100% of the monthly pension amount.
What is the easiest way to decide if 25% is too much to loose?
I don't really need the money at this time, but I have some concerns about the company and what they or the government might do with the pension fund. (it is a very large telecom company - can I name names here?)
2) I can elect to have or not have a 50% or 75% survivor benefit with a reduction in the monthly pension amount I would receive. Here's what that means: for the 50% survivor benefit I would have a 8% reduction in the payment I receive and upon my death m spouse would receive 50% of the payment I had been receiving for the duration of my spouse's life. If I chose the 75% survivor benefit the reduction in the pension payment I receive would be 11.5% and upon my death my spouse would receive 75% of the pension payment I was receiving for the duration of my spouse's life.
So is the additional 8% or 11.5% reduction in payments worth doing?
If this is all too vague I can add actual numbers, but I don't know if it would make a difference to know that? Please let me know.
Thanks in advance for any thoughts-
Frances
I just found this site - it looks really informative.
I've been reading quite a bit on the site but still have a question and look forward to any input.
I have two questions.
1) I have a pension at a large company.
I can start the pension now and receive 75% of the monthly pension amount or I can wait five (5) years and receive 100% of the monthly pension amount.
What is the easiest way to decide if 25% is too much to loose?
I don't really need the money at this time, but I have some concerns about the company and what they or the government might do with the pension fund. (it is a very large telecom company - can I name names here?)
2) I can elect to have or not have a 50% or 75% survivor benefit with a reduction in the monthly pension amount I would receive. Here's what that means: for the 50% survivor benefit I would have a 8% reduction in the payment I receive and upon my death m spouse would receive 50% of the payment I had been receiving for the duration of my spouse's life. If I chose the 75% survivor benefit the reduction in the pension payment I receive would be 11.5% and upon my death my spouse would receive 75% of the pension payment I was receiving for the duration of my spouse's life.
So is the additional 8% or 11.5% reduction in payments worth doing?
If this is all too vague I can add actual numbers, but I don't know if it would make a difference to know that? Please let me know.
Thanks in advance for any thoughts-
Frances