Many years ago I took a variation of term life insurance from IEEE insurance products on myself and wife; it is guaranteed to remain in force till age 95, but with declining payouts from age 68 to 95, I’m currently 72. My wife passed several years ago; however, I continue the policy with my three adult children (ages 30 thru 37) as beneficiaries to be used for settling my affairs, house sale and funeral expenses. They will split any remaining funds.
Rick - your previous articles indicate you are in southern NJ as am I. I do need to updated my will and associated estate documents since sadly joining the widowed ranks a few years ago; would you be willing to share the contact info of the well regarded estate attorney?
Had a few long term bond holdings in Unit Investment Trusts bought during the 80’s go-go years. Very good coupon rates; alas, all the underlying bonds in the UIT were called when interest rates dropped. Then had to reinvest at prevailing rates.
Another influential writer and financial radio host - never short GE (General Electric). Started working for GE in ‘73 and bought lots of company stock (I know….). Stayed with that company’s stock until I could no longer stomach losses - almost 50 years of purchases and dividend reinvesting. Ugh….
Regarding your first paragraph ‘challenge’: My wife and I bought our first home in Queens, NY, for $79,000 closing May 1981. Shopping for best mortgage via phone, on the advice of our well informed real estate attorney, we settled on 3 year ARM at 16.75% at Citibank. That was after a 0.25% reduction on the loan for moving our banking to Citibank, and yes we paid points to get that rate. Thankfully, rates dropped in the ensuing years; however, our rate drop was 3% (to 13.75%) after 3 years per loan agreement. On the flip-side it would ‘only’ rise by 3% at the next 3 year period if rates went thru the roof.
I came across the closing paperwork while downsizing / decluttering for my latest move.
Funny part was when I showed that paperwork to a real estate agent, she said 6 - 7% is not bad; I pointed out that is 16.75%, she was speechless. I went with a more mature and seasoned agent.
I am enjoying this discussion as I am retired from PSEG-Nuclear for a few years now having worked in engineering and operations departments leaving as Senior Reactor Operator.
Fresh out of college with a EE degree began working with General Electric co as field engineer primarily in High Voltage Direct Current stations as startup engineer in Nebraska, Minnesota, North Dakota and NYC until GE exited that business.
I started nuclear career at Oyster Creek, then Shoreham (Long Island, NY) until it closed for good in 1989. I have met and worked with many wonderful and dedicated workers in the nuclear field and I am optimistic for nuclear’s future. I am fortunate to have traditional defined benefit plan from PSEG (as well as a much smaller pension from GE). I’ve seen PSEG final average plan go from your last 5 years to 7 years salary calculation. Now our pension has been transferred to a Prudential Insurance co annuity. We are told no benefits change - hopefully so. Not sure how this change sits with regard to ERISA and the Pension Benefits Guarantee Corp. readers with insight I’d appreciate your thoughts.
Comments:
Many years ago I took a variation of term life insurance from IEEE insurance products on myself and wife; it is guaranteed to remain in force till age 95, but with declining payouts from age 68 to 95, I’m currently 72. My wife passed several years ago; however, I continue the policy with my three adult children (ages 30 thru 37) as beneficiaries to be used for settling my affairs, house sale and funeral expenses. They will split any remaining funds.
Post: Unasked Questions
Link to comment from August 5, 2024
Rick - your previous articles indicate you are in southern NJ as am I. I do need to updated my will and associated estate documents since sadly joining the widowed ranks a few years ago; would you be willing to share the contact info of the well regarded estate attorney?
Post: Unasked Questions
Link to comment from August 5, 2024
Power Range Neutron Monitoring System upgrade via GE NUMAC here. Great memories.
Post: Driven by Data
Link to comment from October 4, 2023
Had a few long term bond holdings in Unit Investment Trusts bought during the 80’s go-go years. Very good coupon rates; alas, all the underlying bonds in the UIT were called when interest rates dropped. Then had to reinvest at prevailing rates.
Post: Long and Short of It
Link to comment from October 2, 2023
Another influential writer and financial radio host - never short GE (General Electric). Started working for GE in ‘73 and bought lots of company stock (I know….). Stayed with that company’s stock until I could no longer stomach losses - almost 50 years of purchases and dividend reinvesting. Ugh….
Post: Reader Beware
Link to comment from October 2, 2023
Regarding your first paragraph ‘challenge’: My wife and I bought our first home in Queens, NY, for $79,000 closing May 1981. Shopping for best mortgage via phone, on the advice of our well informed real estate attorney, we settled on 3 year ARM at 16.75% at Citibank. That was after a 0.25% reduction on the loan for moving our banking to Citibank, and yes we paid points to get that rate. Thankfully, rates dropped in the ensuing years; however, our rate drop was 3% (to 13.75%) after 3 years per loan agreement. On the flip-side it would ‘only’ rise by 3% at the next 3 year period if rates went thru the roof. I came across the closing paperwork while downsizing / decluttering for my latest move. Funny part was when I showed that paperwork to a real estate agent, she said 6 - 7% is not bad; I pointed out that is 16.75%, she was speechless. I went with a more mature and seasoned agent.
Post: Know the Score
Link to comment from October 2, 2023
I am enjoying this discussion as I am retired from PSEG-Nuclear for a few years now having worked in engineering and operations departments leaving as Senior Reactor Operator. Fresh out of college with a EE degree began working with General Electric co as field engineer primarily in High Voltage Direct Current stations as startup engineer in Nebraska, Minnesota, North Dakota and NYC until GE exited that business. I started nuclear career at Oyster Creek, then Shoreham (Long Island, NY) until it closed for good in 1989. I have met and worked with many wonderful and dedicated workers in the nuclear field and I am optimistic for nuclear’s future. I am fortunate to have traditional defined benefit plan from PSEG (as well as a much smaller pension from GE). I’ve seen PSEG final average plan go from your last 5 years to 7 years salary calculation. Now our pension has been transferred to a Prudential Insurance co annuity. We are told no benefits change - hopefully so. Not sure how this change sits with regard to ERISA and the Pension Benefits Guarantee Corp. readers with insight I’d appreciate your thoughts.
Post: Going Nuclear
Link to comment from August 26, 2023