I had two pensions from my company when I retired...a "legacy" pension which I took as a lump sum and invested. And an annuity pension (100% survivorship) (no lump sum option).
Plan is to retire in 2 years at 65. spouse not in great health. Lump Sum Portable Pension projection using company modeling tool is 304,574, pension payout for F100 company is 1951/month/ 7.7%, 100% survivor and almost 7.9% for 50% survivor monthly pension annuity. Seems like the annuity is way better? Thoughts? anyone? Have plenty of other assets, but need cash flow to get through to 70 for SS.
I've read that it's important to keep ERISA (e.g. rollover 401k) and non-ERISA (e.g. contributory IRA) IRAs separate in order to preserve federal asset protection status of the ERISA funds. Are funds from a pension rollover considered to be ERISA funds?
I like the video but there’s a very big difference between a 74% chance of a plane landing safely vs a 74% chance in a Monte Carlo simulation of making it to the end of your life with money. Said differently, the inverse would be a 26% chance that you have to make some tweaks to your retirement and still end up successful. And those tweaks might be rather modest such as cutting a few hundred dollars a month out of your spending results in successful retirement. very few retirees spend their investments to zero without tweaking along the way… so the 74% versus 96% ? I would be more than comfortable with the 74% success rate
I have a pension and a 401k. Both are about the same (mid 6 figures). I'm thinking taking the pension as an annuity + SS that will give me 92k yearly income. The 401 will be rolled to an IRA and then to a Roth account for my family when I'm gone. I think is the safest. By the way, my pension return rate is 9.2%. with my wife getting 48% after I'm gone. I been told anything above 6, to take it.
U know what u could actually have the 401k rolled into your IRA account and then rolled the entire amount into a private annuity at a insurance company .and it could payout the same like your pension but a little less but u could spit it with your wife or u could leave whatever is unused and give to your kids ...u should look into the annuity accounts at the insurance company go to whichever one pays out the most this way u will have 3 paychecks coming in while u retire
Hi, Thanks for the great information! I just turned 65 and received pension options from a former employer. I can take a joint survivor monthly pension of $736 for myself and then for my wife (she’s 66) or a lump sum of $140,000. We don’t expect to need this money for our required monthly expenses when we retire. Any thoughts on taking a lump sum and rolling it into an IRA vs the monthly pension? Any thoughts would be greatly appreciated. Thank you. Take care.
Saving this information for next year. I am curious if my former employer will throw a lump sum offer at me. I was going to take the joint survivor option - but now I will weigh the advantages of everything they put on the table.
My pension wud be $1840 p mo or $230K lump sum. Seems my break even wud be much h Sooner than that example and wud make Traditional IRA TOO High? I want to do Roth Conversions to Lower not Raise it? 403b is now $440k the wud make it $675K?
I had two pensions from my company when I retired...a "legacy" pension which I took as a lump sum and invested. And an annuity pension (100% survivorship) (no lump sum option).
This podcast was so focused and Well thought out. I learned a lot.
Thanks Helen!
I need help deciding whether or not to take a lump sum or monthly payments in the next seven months when I turn 65
Plan is to retire in 2 years at 65. spouse not in great health. Lump Sum Portable Pension projection using company modeling tool is 304,574, pension payout for F100 company is 1951/month/ 7.7%, 100% survivor and almost 7.9% for 50% survivor monthly pension annuity. Seems like the annuity is way better? Thoughts? anyone? Have plenty of other assets, but need cash flow to get through to 70 for SS.
I've read that it's important to keep ERISA (e.g. rollover 401k) and non-ERISA (e.g. contributory IRA) IRAs separate in order to preserve federal asset protection status of the ERISA funds. Are funds from a pension rollover considered to be ERISA funds?
I like the video but there’s a very big difference between a 74% chance of a plane landing safely vs a 74% chance in a Monte Carlo simulation of making it to the end of your life with money. Said differently, the inverse would be a 26% chance that you have to make some tweaks to your retirement and still end up successful. And those tweaks might be rather modest such as cutting a few hundred dollars a month out of your spending results in successful retirement. very few retirees spend their investments to zero without tweaking along the way… so the 74% versus 96% ? I would be more than comfortable with the 74% success rate
I have a pension and a 401k. Both are about the same (mid 6 figures). I'm thinking taking the pension as an annuity + SS that will give me 92k yearly income. The 401 will be rolled to an IRA and then to a Roth account for my family when I'm gone. I think is the safest. By the way, my pension return rate is 9.2%. with my wife getting 48% after I'm gone. I been told anything above 6, to take it.
U r set sir u r very lucky
@@cliftongreen1281 Thanks. I did have to put in 42 years with my company.
U know what u could actually have the 401k rolled into your IRA account and then rolled the entire amount into a private annuity at a insurance company .and it could payout the same like your pension but a little less but u could spit it with your wife or u could leave whatever is unused and give to your kids ...u should look into the annuity accounts at the insurance company go to whichever one pays out the most this way u will have 3 paychecks coming in while u retire
@@cliftongreen1281 Thanks. I'll look into it.
Hi, Thanks for the great information! I just turned 65 and received pension options from a former employer. I can take a joint survivor monthly pension of $736 for myself and then for my wife (she’s 66) or a lump sum of $140,000. We don’t expect to need this money for our required monthly expenses when we retire. Any thoughts on taking a lump sum and rolling it into an IRA vs the monthly pension? Any thoughts would be greatly appreciated. Thank you. Take care.
The monthly pension percentage is 6.3% payout.
Saving this information for next year. I am curious if my former employer will throw a lump sum offer at me. I was going to take the joint survivor option - but now I will weigh the advantages of everything they put on the table.
My pension wud be $1840 p mo or $230K lump sum. Seems my break even wud be much h Sooner than that example and wud make Traditional IRA TOO High? I want to do Roth Conversions to Lower not Raise it? 403b is now $440k the wud make it $675K?
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I am married and I am67 what do you suggest pension plan
Frozen pension