Just got a notice in the mail from my company (30 years) that it is is making a one time lump-sum payment option. I am 57 and was diagnosed with an illness 18 months that forced me to take 60% disability until they get me on SS disability. My illness is degenerative with no cures but I was given as little as 7 and at most 20 years. I am married with 2 adult kids but want my choices to need to be separate from my wife, whatever I leave her is a bonus. Their 3 choices- -lump sum to move into IRA -Monthly annuity payments from now until I die (w/ survivor benefits) -wait for until normal retirement age (at which I will be dead or not knowing if I am alive)
My situation- Was making 68k Have 500k in 401k that I have not rolled over. Wife has 100k Paid for house. No debt but hospitals (minor) When my works insurance ends I will be on social security insurance. I was scheduled to make 2200 on my company retirement at 62 w/o SS or 401k
Of course the short letter said this was limited with a set amount to be paid out in 2017 or I have to wait until 2018.
All that to get to this. What are the questions I need to ask?
This may seem simple to you all but my facilities are not what they were and my wife knows nothing about investing, leaving decisions all to me w/o caring to know. I used to be able to figure the present value of a stream of money but I do not trust myself and this was just from classes, I was a tech. Most financial planners want to sell an annuity with extremely high upfront fees to go along with high recurring fees. Thanks in advance. Please do not try to sell me something, I'm just asking for help to ask them educated questions to make the best choice for my wife.
Submitted September 07, 2017 at 02:06AM by sidroinms http://ift.tt/2xQGBHV
