Which state to file unemployment (NJ or NY) (collecting, money, UI)
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I have a feeling that I will not be entitled to any benefits here -- since the argument could be that it is still being provided by my current employer -- even though the plan was frozen and had no contributions since 2003.
You are correct - if your pension is that generous. Mine was minuscule (cheapskates), so lost about $62/week and still received a little over $300/wk in UE.
That's sounds very similar to my situation. I will have the choice to take it as a life-time annuity or a lump sum payment. I'm leaning towards the annuity. I'm only 57, and don't really plan on retiring just yet. Having that set amount for life seems to be more appealing to me; however, now I see that I will not be able to collect unemployment until I work for another company.
That's sounds very similar to my situation. I will have the choice to take it as a life-time annuity or a lump sum payment. I'm leaning towards the annuity. I'm only 57, and don't really plan on retiring just yet. Having that set amount for life seems to be more appealing to me; however, now I see that I will not be able to collect unemployment until I work for another company.
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Originally Posted by hockeyp21
I worked for 28 years in my company -- the life-time annuity they would give me comes to 35k per year.
Most people would kill for a lifetime annuity of almost $3k/month. Present value of that distribution probably amounts to a lump sum of $400k. If there is also a COLA attached to the annuity, it is even more valuable.
Today, if you were to buy an annuity w/$400k, your monthly benefit would be $1,894 (w/o a COLA) - vs. $2,900 mo.
Also, if you take that lump sum, are you SURE you can invest it well enough to provide income in addition to withdrawals to pay $35k/yr for the rest of your life?
I wouldn't even consider, at your age, giving up this annuity unless you have no other available cash and do have other sources of income. If you're married, set up a survivor benefit in the event you predecease your spouse. Also, visit the Retirement Forum on CD - the experts there will tell you to keep the annuity - UNLESS you are a REALLY SMART guy with investments and will have other sources of income when you retire (IRA/401k/SS). You can also structure your SS withdrawals to maximize benefits for your and your wife.
An annuity like yours is bedrock to a good retirement. Worth far more than the one-year UE you might receive. Think long and hard before cashing that in.
Yes -- these are my thoughts as well. But at 57, and living in the NY/NJ area where things are VERY expensive, I can't survive on 35k with a family of four. So, either I find employment soon, or will be forced to sell and move to a state where 35k will actually mean something.
Yes -- these are my thoughts as well. But at 57, and living in the NY/NJ area where things are VERY expensive, I can't survive on 35k with a family of four. So, either I find employment soon, or will be forced to sell and move to a state where 35k will actually mean something.
Damned if you do and damned if you don't, especially since you apparently still have children at home. Depending on the size of the lump sum - that money could disappear very quickly if you don't immediately restructure your standard of living - or find other employment. You should be able to roll it over into a tax-deferred account and withdraw incrementally which would help the tax problem.
That said, you don't want to retire with only SS benefits, as those are subject to a 25% reduction in the next 10-15 years, per recent Trustees Report. That annuity is gold.
If you find you must take the lump sum, visit Retirement or Investing forums on how to best deploy that money until you are able to restructure your life. There are a couple good Vanguard funds for long-term retirement, but you really aren't ready to retire if you have others to support and shouldn't be depleting retirement assets this early in the game.
Well, since we are talking about it. I do have two children, but not young children. My older son is 24, lives at home, but does have his own means of employment (he is just living at home to turn his 30k per year job into a 50k)... certainly, he would be welcome to come with us if we move -- be he can stay behind and live on his own if he chooses to...just not as comfortably as he does now with free food and free rent. My other son is autistic, he will always be with us whereever we go -- but he is already gets his own social security and medical coverage. I did forget to mention to you that I would also be getting a severance package -- one year's salary. My thoughts here, if I can't find "real" employment within 6 months, is to move to FLA. I would have the 35k annuity pension....and with the sale of my home here, I would be able to buy a home down there with no MTG, and no other debt, and still have one or two hundred K left over after buying the new home. Other things in the queue: 185k in a 401k at age 59.5, early SS at age 62.
Chyvan, I have to make a choice on the pension plan as soon as leave my present company (lump sum or life-time annuity). I could leave my 401k there, which I will, since I would be hit with the 10% early withdrawal tax rate for taking it out before 59.5. With the 401k, I could roll it over to my new employer (should I find a job that is)...or just leave it where it is until 59.5.
I'm trying to find some case law. I'm positive that I saw a case that was about a pension, and the offset was waived because the pension was based on wages that were from before the base period. I just can't remember the state. You said that your pension was split in two because of a change in the calculation.
I think there may be a loophole there for you since the pension you will be collecting is from 2003. Very outside the base period.
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