I'd cash out the pension and set up your own annuity. When either of you die the other gets 100%. That's what I did when I retired 4 years ago. My financial advisor recommended an Athene product and it's working out well.
Be very careful when buying annuities. "There are no free rides sonny boy" Being risk adverse can put you in a worse situation then believing you are safe.I'd cash out the pension and set up your own annuity. When either of you die the other gets 100%. That's what I did when I retired 4 years ago. My financial advisor recommended an Athene product and it's working out well.
Accountants know numbers and laws but not necessarily investments. Depends on their specialty. But yes I would trust her over a FA.Kevin, I gotta ask; since your wife is an accountant, and probably VERY knowledgeable about things financial, why are you even asking this question? Would she not be the person to go to????
p.s. I've never trusted the advice of anyone, especially professional "financial advisors". I always felt that if they were so damn smart,
WHY ARE THEY STILL WORKING FOR A LIVING....
p.p.s. When you check on the LUMP SUM amount she will be getting TODAY, you might find that it is NOT what you've calculated (mathematically). Regardless, I'd take the money and roll it over into a 401-K (because it IS eligible for that transaction at this point in time)..... but SHE already knows that..!!!
J.
FYI most annuities are guaranteed only until they are not. Read the fine print.I'd cash out the pension and set up your own annuity. When either of you die the other gets 100%. That's what I did when I retired 4 years ago. My financial advisor recommended an Athene product and it's working out well.
Good point, yes she is actually a financial genius. BUT! She isn't retired, I asked here because you guys have "been there done that." Ya know? I am most curious about what you guys have done that worked and what hasn't worked. It's one thing to understand how different financial tools work and another thing to have actually lived with them and retired using the different methods of how to save money etc. ya know?Kevin, I gotta ask; since your wife is an accountant, and probably VERY knowledgeable about things financial, why are you even asking this question? Would she not be the person to go to????
p.s. I've never trusted the advice of anyone, especially professional "financial advisors". I always felt that if they were so damn smart,
WHY ARE THEY STILL WORKING FOR A LIVING....
p.p.s. When you check on the LUMP SUM amount she will be getting TODAY, you might find that it is NOT what you've calculated (mathematically). Regardless, I'd take the money and roll it over into a 401-K (because it IS eligible for that transaction at this point in time)..... but SHE already knows that..!!!
J.
Oh, interestingly enough, @pisgah calculated it almost perfectly. It's right at 400,000. But it would not have been double in the 12 years. Close but not quite. I said double just to make it shorter and clearer.I skimmed through this pretty quickly, but the one input I never saw was the payout. If the 2000 and 4000 are known, the lump sum is the most important input.
My dad is 92 this year, it's kind of funny, he would love a self driving car, where he can get in and say, "take me to the zoo." And then just sit back and drink some coffee.Conservative is THE best alternative (and probably the least used one).
Besides.... how much do you think you need to live on when you pass 90...? Just enough for med. ins. premiums and you're home free (sorta) ...
J.