Thank you for sharing though it's not the news we wanted to read. You owe nothing to those of us out here, but, here you are putting it all out there. Find peace in the fact you have helped so many people navigate our financial journey with humbledollar. Find strength that it's okay to take care of you, first, and others next. Unless what you've been preaching all these years is a bunch of bunk, your family will be okay financially speaking. Take pride in the fact you have positively affected so many people and continue to do so.
I have a government cash balance plan that promises 7.5% for the duration of the payouts. It's never changed. It's always been very well funded and managed. I will opt for the annuity only because it's not the bulk of my needed funds in retirement. I can let it ride (earning min. 5%) annual until I decide to annuitize. i think of it as just another bucket in the life of diversification.
I am going back and forth. I am currently 58 and wanting to retire before FRA. The long term annuity option offers continuity in payments, not a great return (but they're not known for that, right?) However, if I take an immediate annuity, it might satify both worlds - security and increased time for the retirement accounts to grow - without having to deal with the self provoked stress of managing withdrawal schedules, buckets, and so forth for a bit longer.
While I was stressing out this year from all available options, I bought another $10K of I bonds. Glad I did. It forces a person to forget about all the options for at least a year and make a decent return.
I have a mortgage but I've garnered 72% equity not taking into account today's hot hot market value. I have to have a roof over my head regardless. Do I pay off a 2.3% mortgage where 50% of the $900 payment is insurance and tax? I'm not convinced, yet.
Comments
Thank you for sharing though it's not the news we wanted to read. You owe nothing to those of us out here, but, here you are putting it all out there. Find peace in the fact you have helped so many people navigate our financial journey with humbledollar. Find strength that it's okay to take care of you, first, and others next. Unless what you've been preaching all these years is a bunch of bunk, your family will be okay financially speaking. Take pride in the fact you have positively affected so many people and continue to do so.
Post: The C Word
Link to comment from June 15, 2024
I have a government cash balance plan that promises 7.5% for the duration of the payouts. It's never changed. It's always been very well funded and managed. I will opt for the annuity only because it's not the bulk of my needed funds in retirement. I can let it ride (earning min. 5%) annual until I decide to annuitize. i think of it as just another bucket in the life of diversification.
Post: Picking My Pension
Link to comment from August 5, 2023
I am going back and forth. I am currently 58 and wanting to retire before FRA. The long term annuity option offers continuity in payments, not a great return (but they're not known for that, right?) However, if I take an immediate annuity, it might satify both worlds - security and increased time for the retirement accounts to grow - without having to deal with the self provoked stress of managing withdrawal schedules, buckets, and so forth for a bit longer.
Post: Given a choice, should you take regular monthly pension payments or a lump sum?
Link to comment from January 14, 2023
Total neophyte when it comes to bonds. If I buy a 2 year treasury note today, is the interest rate locked in until maturity? Signed me, 100% stocks
Post: TINA Is Dead
Link to comment from November 9, 2022
While I was stressing out this year from all available options, I bought another $10K of I bonds. Glad I did. It forces a person to forget about all the options for at least a year and make a decent return.
Post: Where’s My Rate Hike?
Link to comment from October 8, 2022
I have a mortgage but I've garnered 72% equity not taking into account today's hot hot market value. I have to have a roof over my head regardless. Do I pay off a 2.3% mortgage where 50% of the $900 payment is insurance and tax? I'm not convinced, yet.
Post: Is it okay to retire with debt?
Link to comment from April 24, 2021