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I found a good article here about companies offering lump sums or regular pension benefits:

http://www.reuters.com/article/2012/07/30/idUS16106135572012...

In the article they have a link where you can get quotes on annuities:

http://www.immediateannuities.com/

I ran a few numbers in their calculator:

A Single Life annuity at age 65 with a \$670 a month benefit (like pension SL) would cost 120,800 (SL) to 137,667 (SL w/ 20 years survivor benefit).

A Joint Life annuity at age 65, with \$670 a month benefit and 100% to survivor would cost 142,400.

A Joint Life annuity at age 65, with \$500 a month benefit (like the pension 100% j/s) and 100% to survivor would cost 106,200.

A Joint Life annuity at age 47, with a cost of \$35,000 and 100% to survivor would provide 125 a month.

Who knows what annuities will cost 18 years from now when we are actually 65 years old.

Also, some simple math calculations on potential earnings if choosing the pension benefits at age 65:

671 (SL) x 12 mo = 8052 per year
10 years = 80,520
20 years = 161,040
30 years = 241,560

505 (100% j/s) x 12 = 6060
10 yrs = 60,600
20 yrs = 121,200
30 yrs = 181,800

For me, if he passes away before early retirement age of 60:
305 (50% j/s @ 60 years old) x 12 = 3660
10 yrs = 36,600
20 yrs = 73,200
30 yrs = 109,800

So if we choose the normal route of taking the pension benefits at age 65, the various scenarios could pay out anywhere from 36,600 to 241,560 total.

Any comments on these numbers? Thanks!

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