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Robin is eagerly looking forward to retirement after serving his company for a considerable time. However, he is confused about whether he should take his pension right away or delay it. There are several factors to consider before reaching a decision.
The first consideration is Robin’s financial situation. If he has savings aside from his pension, he may delay it and continue to work for a few more years. This will allow him to accumulate more savings and increase his pension benefits. On the other hand, if he doesn’t have substantial savings, he may need to take his pension as soon as possible to provide himself with the necessary financial stability.
Another factor to consider is Robin’s health. If he’s in good health and expects to live a long life, he may consider delaying his pension to receive higher benefits in the future. On the other hand, if his health is deteriorating, he may want to take his pension right away to ensure that he’s financially secure and that he can enjoy his retirement without having to work.
Robin should also consider the pension plan offered by his company. If his company’s pension plan is unstable, he may want to take his pension right away to secure his benefits. On the other hand, if the plan is stable and has a good track record, he may want to delay his pension to receive higher benefits in the future.
Finally, Robin should also consider his personal needs and preferences. If he’s eager to retire and travel, he may want to take his pension right away to fulfill his plans. On the other hand, if he’s comfortable with his current job and enjoys working, he may want to delay his pension and continue working for a few more years.
In conclusion, there are several factors to consider before deciding whether Robin should take his pension right away or delay it. Robin should contemplate his financial situation, health, the stability of the pension plan, and his personal needs and preferences before making his final decision.
What software is Josh using?
Often overlooked and not mentioned… When you draw a lump sum from your pension to roll over to say an IRA, you are leaving behind any matching funds contributed by your employer!! Say you invested 80k in your pension, you would loose your employers additional 80k !!
Josh, first I’m a massive fan and consistent listener. On this topic you neglect to focus on the security of the pension. I retired from a large manufacturing firm. What is the probability of the pension being there for me in 10, 20 or 30 years? I know about the PGBC, but they only cover a bankruptcy up to a maximum amount. This was under 30% of my monthly amount. I feel much better about state and federal plan, but corporate America hates pensions. The will not hesitate to sell off or spin off smaller companies to later go bankrupt- see Peabody Coal’s history.
I’m not saying it trumps all other factors, but pension security must be understood and valued in the process.
Guaranteed over 7% annuitized rate is a no-brainer. I'm going to take ~6% and didn't think twice about that. Reliable income at a great rate equals a lot less stress for most people.
Sell the house, move to retirement friendly state. Buy another house cash.
Game 7!!!
How do you know what the annuity rate will be? Did her company tell her that? I didn’t follow where that fact came from. Thanks
By taking the safety first approach of the annuity and using some of the excess income to pay down the mortgage to 50% equity( which she is almost there )she can now use a reverse Mortgage to eliminate the mortgage payment this will free up 12k a year that she can now invest in the market earning 7.50% over a 25 year period this will grow to over 800k or if she really doesn't care that much about leaving an inheritance she can use this money for herself.
I like the annuity idea. Thinking of moving 1/2 of my 401K into an annuity myself.
Thanks Josh good case study
Is this correct..I’m 53 today but in 9 years I can apply for SS on my ex’s benefit and let my grow until I’m 70. And then apply for his Survivor benefits, he is older than me. Not wishing anything bad on him.
Thanks for all your retirement planning videos!!
Same call. My wife's pension was annuitized at 7.5%. We didn't even need to think about it.
It's not hard to compare contractually guaranteed income of over 7% vs the markets ups and downs.
given the dangers of crimefighting – robin should take the pension and retire.