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Old 08-30-2014, 05:35 PM
 
17 posts, read 17,715 times
Reputation: 15

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Quote:
Originally Posted by flyonpa View Post
What is the difference between your Life only number

and

Life - 10 year certain

Dollar amount?
About $35 a month
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Old 08-30-2014, 06:02 PM
 
Location: MMU->ABE->ATL->ASH
9,123 posts, read 17,129,667 times
Reputation: 9979
Since you are probably "long" lived, I would take the Life Only,
and give the $35 extra a month to a charity while i was alive.
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Old 08-30-2014, 08:19 PM
 
Location: Florida
4,358 posts, read 3,694,371 times
Reputation: 4084
The beneficiary should be someone who depends on your financial help. From what you said no one does. Normally this would be a spouse. You should not list a beneficial since that will reduce your benefit.
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Old 08-30-2014, 08:59 PM
 
17 posts, read 17,715 times
Reputation: 15
You are right, no one does. Maybe I can leave some money in my will to my penniless friend and my church.
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Old 08-30-2014, 10:22 PM
 
8,189 posts, read 11,905,691 times
Reputation: 17958
Quote:
Originally Posted by PAhippo View Post
I'd list a beneficiary. Why not?
Because his pension will be reduced if he does.
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Old 08-30-2014, 11:20 PM
 
Location: Purgatory
6,322 posts, read 4,757,205 times
Reputation: 9765
Quote:
Originally Posted by JoyfullyRetired View Post
It just seems wasteful if I die and all that money goes to waste. I could leave it to my church or a penniless friend.

I think this is a wonderful idea! My own IRA specifies multiple charities as the benificiaries.

But weigh the pros and cons and if you will need the additional income.

Another posted said that the funds would go to other people who need it if you die w/out a beneficiary. I'm not sure if this is correct. I think it would be collected by the state and perhaps "trickle down" to other people if at all.
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Old 08-31-2014, 08:21 AM
 
Location: in the miseries
3,302 posts, read 3,578,241 times
Reputation: 3810
I think you should just donate to whomever you want while you are living.
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Old 08-31-2014, 08:54 AM
 
Location: Maryland
282 posts, read 305,808 times
Reputation: 338
Quote:
Originally Posted by JoyfullyRetired View Post
First day of retirement is 9/1/14. Yippee!

Just setting up my pension annuity. Single, no kids. Should I not assign a beneficiary? I get paid less if I do, even for ten years.
This sounds like a surviour benefit. Since it reduces your monthly payments, don't select a surviour benefit. Spend it while you are living, enjoy life ! The spending will help the local economy and the workers at the places you spend money or the manufacturing workers of the stuff you buy (car, boat, roller skates, etc.)
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Old 08-31-2014, 11:47 AM
 
Location: Florida
4,358 posts, read 3,694,371 times
Reputation: 4084
Quote:
Originally Posted by JoyfullyRetired View Post
You are right, no one does. Maybe I can leave some money in my will to my penniless friend and my church.
The way an annuity works is some people die "tommorow" and others live on for years and years. The money from those that die before their life expectancy support those that live longer.
You should not name a beneficiary (unless your life expectancy is very very short). You could save the extra money from not naming a beneficiary and leave that to a friend or charity if you did not have an emergency and need the money.
Question does the beneficiary get nothing if you live for say 10 years. There is probably nothing left for the beneficiary if you live to your groups life expediency. Be sure to read the whole contract carefully.
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Old 08-31-2014, 11:53 AM
eok
 
6,684 posts, read 3,168,903 times
Reputation: 8464
Your parents died at ages 88 and 93. To figure what age you're going to die, for the purposes of calculating an annuity, add those two figures. 88+93=181. The $35 will add up to $76,000. Just make sure you die the right year, or your figures will be wrong.
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