Thanks for the information. I am in an almost identical situation and close to retirement. I originally started my HSA accumulation when my healthcare plan covered the entire family including my wife and sons. But for the last few years I've added to it under an individual healthcare policy. But I can't use any of it to cover my wife's eligible expenses?
Very timely article Richard. My LS is set to be deposited into my IRA account in the very near future. I am lucky enough to still be employed after being outsourced and plan to retire in 2 years. I was originally ready to take the Pension Annuity until I looked into the current LS value and what fixed annuity I could buy on the open market. The lump sum would have dropped by 30% next year and I can buy a 2-year deferred income annuity with a 30% higher monthly payout. Both annuities have the 100% spousal benefit. The market annuity has the added benefit of a cash payout of the balance to our children if we don't receive the one-time premium back in benefits. I believe the highly rated insurance companies are of equal or less risk than my previous employer when it comes to paying out. I have an amount approx equal to my lump sum in my 401K, so I just need to decide how much of the LS to lock up in the fixed annuity.
Comments:
Thanks for the information. I am in an almost identical situation and close to retirement. I originally started my HSA accumulation when my healthcare plan covered the entire family including my wife and sons. But for the last few years I've added to it under an individual healthcare policy. But I can't use any of it to cover my wife's eligible expenses?
Post: Paying Those Premiums
Link to comment from September 14, 2023
Very timely article Richard. My LS is set to be deposited into my IRA account in the very near future. I am lucky enough to still be employed after being outsourced and plan to retire in 2 years. I was originally ready to take the Pension Annuity until I looked into the current LS value and what fixed annuity I could buy on the open market. The lump sum would have dropped by 30% next year and I can buy a 2-year deferred income annuity with a 30% higher monthly payout. Both annuities have the 100% spousal benefit. The market annuity has the added benefit of a cash payout of the balance to our children if we don't receive the one-time premium back in benefits. I believe the highly rated insurance companies are of equal or less risk than my previous employer when it comes to paying out. I have an amount approx equal to my lump sum in my 401K, so I just need to decide how much of the LS to lock up in the fixed annuity.
Post: Rates Up Lumps Down
Link to comment from November 30, 2022