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Also, be aware that even if it is covered by the PBGC, that insurance doesn't cover the pensions 100% in the event your company goes bankrupt. I think it's more like 60% and it's capped at an income of around 45K (don't quote me exactly on that...just ballpark figures).
This is one of those issues where it might be a good idea to see a fee only financial planner. Of course, the problem with planners is they want to sell you an annuity, whether you need one or not, and that goes for some fee only planners as well.
Quote:
Originally Posted by Tampaite
If your pension contribution does not include SSI taxes then, your social security benefits will be reduced..so it maybe good option to cash out now.
For a pension like he was talking about that is going to pay him less than $11k per year, I would be fairly confident he will get most if not all of it from the PBGC. Certainly a better move than taking that ridiculous buyout.
Jeez... I was feeling good about this, now after reading a few more posts... back to feeling on the fence again......
Dude, it isn't even close. Taking the buyout would be a colossal mistake.
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