UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: JimA759s One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76406  
Subject: Re: Pension pay out options Date: 2/18/2000 4:21 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi,

There are a lot of factors that would help you m ake a decision - is your wife financially set without your money?, will she need your income to get by? Can she get by alone on the $1000. I worked for Social Security for 10 or so years and one story has stuck in my mind - An older woman came in to apply for SSI (the needs based program - not Social Security - which she wasn't eligible for (no work history) - Her husband had just died, he had worked his entire life for the local fire dept (meaning no work history or eligibility for Social Security either) and upon retiring took full benefits with no survivor benefits - He died after receiving the first check, massive coronary - She was now a destitute, 70 year old woman who had no knowledge of finances, money management, and no income. her husband had never discussed money with her, he took care of all of it himself. My thinking is that it is always better to prepare for the worst case.
Best of luck in your golden years
JimA

I am retiring and have several options for monthly income. No luump sum available.
I can get 2200 per month and wife nothing when I die.
I can get 2050 per month and wife gets 1000 when I die.
I can get 1900 per mo and wife gets the same 1900.

Any advise or best guess on the options. Both of us are 60 and in pretty good health. I hav heard of some buying taking the highest for my life and buying life insurance for wife's part. This would be easy if I knew how long each would live.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

The Story Behind the Story
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement