Retirement Update time

End of 2009 Balance: $26,529.33 | Current 2010 Balance: $35,452.30
Additional Contributions since 2009: $8,632.79 (including pension)
Non Pension Growth: $290.18 (1.83%)

Discontinued 401a Account: Makes up 2.81 % of my Retirement
$995.13/$898.62 invested. (New contributions suspended.) Target Date

Discontinued 457 Account: Makes up 2.92% of my Retirement
$1,034.81 (Earns pennies a week and I can’t move the $$$$ until I quit.)

ING DIRECT CD Roth IRA: Makes up 51.05% of my portfolio
$18,097.88/$17,750.00
Up 1.959% from inception +$347.88

Pension: Approximately 43.23% of my portfolio
If I quit tomorrow, I’d just have the cash in the account (earning an automatic 6% until withdrawn)… or I could wait and pull a pension at 55 since I’m vested.

Total Cash in the Account for the lump sum option: $15,324.48

• Service Credit as of 2010 Statement: 5.870 Years of Service
• If I quit tomorrow and didn’t work for Cal Pers ever again, no anyone else for that matter (so no social security), my pension would equal $5,927.27 a year or $493.94 a month (before taxes)… and I wouldn’t begin receiving the money until I was 55 years old. So best to keep working =)

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When I retire, I would most likely go with option 2 instead of the unmodified benefits, which would allow my spouse to receive benefits if he were to outlive me. It means that we agree to take less than the unmodified plan for the duration of our retirement. If I were to survive my spouse, my benefits would increase to the unmodified plan, since I would have no beneficiaries.

Option 2 (assuming I retire at age 56 and a few months with 38 years of service, “using today’s dollars”)
My spouse and I would get $2,758 a month… if I croak first, hubby gets $2758.00 a month till he dies…

if he dies first, I’d get $3,195.83 (the unmodified amount) a month till I die.

Excluding my pension, all my other retirement income totals $20,127.82