firemediceric
Recycles dryer sheets
- Joined
- Aug 9, 2017
- Messages
- 207
I am required to return the attached pension selection form ASAP. I'm seeking direction as to which option makes the most sense for me to choose.
From the 8 options I feel the bottom 4 can be eliminated without much consideration. I believe there are probably better ways for me to leave something behind for my chosen beneficiary. As it is, she will be receiving her own modest pension benefit along with Social Security when she reaches the age to take both. I hope I am not being selfish by thinking this way.
Of the 4 options at the top, I'm leaning toward option 2, Social Security Option to Age 64. It seems that will put the most money in my pocket month after month. A caveat to keep in mind for that option is that on 8/1/2032 when the benefit gets reduced, the COLA also gets reduced. The 3% COLA starts at year 6 based upon the monthly benefit at year 6 and is applied every year thereafter. On 8/1/2032 when the monthly benefit gets reduced, if I select that option, the actuary goes back to reduce the COLA as if the lower monthly benefit had been in place all along.
I welcome your thoughts as to what I should choose and why. This is a choice which will have impact for the rest of my life.
From the 8 options I feel the bottom 4 can be eliminated without much consideration. I believe there are probably better ways for me to leave something behind for my chosen beneficiary. As it is, she will be receiving her own modest pension benefit along with Social Security when she reaches the age to take both. I hope I am not being selfish by thinking this way.
Of the 4 options at the top, I'm leaning toward option 2, Social Security Option to Age 64. It seems that will put the most money in my pocket month after month. A caveat to keep in mind for that option is that on 8/1/2032 when the benefit gets reduced, the COLA also gets reduced. The 3% COLA starts at year 6 based upon the monthly benefit at year 6 and is applied every year thereafter. On 8/1/2032 when the monthly benefit gets reduced, if I select that option, the actuary goes back to reduce the COLA as if the lower monthly benefit had been in place all along.
I welcome your thoughts as to what I should choose and why. This is a choice which will have impact for the rest of my life.