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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.
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.
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.)
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.
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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