Legacy Dad
New Contributor
Here is my situation:
At 15 years of service I have to make a decision:
Take $30,000 and have a reduced pension
or don't take it and have a higher pension.
Here is some figures:
The first column is my age at retirement
The second column is the pension per year if I take the $30,000
The Third column is the pension if I do not take the $30,000
Retirement Year 1 - Age 46 $37,630 vs. $42,846
Retirement Year 8 - Age 53 $43,225 vs. $52,695
Retirement Year 16 - Age 61 $50,645 vs. $66,752
Retirement Year 17 Age 62 $68,755 vs. $68,755
Retirement Year 25 Age 70 $80,557 vs. $87,097
Retirement Year 30 Age 75 $88,942 vs. $100,969
Retirement Year 35 Age 80 $98,199 vs. $117,051
Retirement Year 40 Age 85 $108,420 vs. $135,694
Here is also a chart showing the figures:
http://tinyurl.com/2tvxpn
The question is can I take $30,000 and make roughly $500 per month cashflow from that and increase it by 3.5% per year? My thoughts are a multi-unit and add value?
What would you do?
Just trying to generate some ideas and pro and cons?
Lance
At 15 years of service I have to make a decision:
Take $30,000 and have a reduced pension
or don't take it and have a higher pension.
Here is some figures:
The first column is my age at retirement
The second column is the pension per year if I take the $30,000
The Third column is the pension if I do not take the $30,000
Retirement Year 1 - Age 46 $37,630 vs. $42,846
Retirement Year 8 - Age 53 $43,225 vs. $52,695
Retirement Year 16 - Age 61 $50,645 vs. $66,752
Retirement Year 17 Age 62 $68,755 vs. $68,755
Retirement Year 25 Age 70 $80,557 vs. $87,097
Retirement Year 30 Age 75 $88,942 vs. $100,969
Retirement Year 35 Age 80 $98,199 vs. $117,051
Retirement Year 40 Age 85 $108,420 vs. $135,694
Here is also a chart showing the figures:
http://tinyurl.com/2tvxpn
The question is can I take $30,000 and make roughly $500 per month cashflow from that and increase it by 3.5% per year? My thoughts are a multi-unit and add value?
What would you do?
Just trying to generate some ideas and pro and cons?
Lance
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