Not asking for financial advice…however i am torn on what the best method would be for a 61 year old man with no heirs would be…ERP has been offered with a pension increase…lump sum is $412k or $2653.66 per month single life annuity until death…my gut keeps telling to take the annuity as it will have no fees, no surrender charges or anything like that
TIA
It really depends on what you do with the lump sum. Or, does your monthly payout increase if you wait? Is there a jump percent monthly pay that happens at 65 or 70 years old?
Your monthly payout of $2,653.66 equals $412K in about 13 years. That would make you 74 years old.
Whats your personality like? Do you have any traits that might influence your decision? For example, are you a savy investor or a degenerate gambler or anything like that?
I strongly lean to security. All my investments are low risk. I never gamble against the odds.
I am more of a laid back kinda fella, not a big spender, don’t care about toys and stuff like that…prefer security over risks…i have a nice 401k for the risk side of things…also plan ss next year…so i will have two guranteed income floors
I would have to buy another annuity with the lump sum therefore pay fees or rider percentages
breakeven would be i think 13.5 years
Yeah thats me too…i dont like the risky gambling