tag:blogger.com,1999:blog-5409437835427293169.post4679048551042499486..comments2023-11-01T23:47:40.024-07:00Comments on South County Girl: NetworthSouth County Girlhttp://www.blogger.com/profile/07347142273473958671noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5409437835427293169.post-31284722452303565872013-02-01T07:36:37.498-08:002013-02-01T07:36:37.498-08:00I never thought of that... Would that really be ch...I never thought of that... Would that really be cheaper?? <br /><br />I have the option of taking a lesser amount now, and if I die, he would continue to get that same monthly check I would have gotten... but if he dies first, it would automatically go back to the larger amount I originally qualified for. South County Girlhttps://www.blogger.com/profile/07347142273473958671noreply@blogger.comtag:blogger.com,1999:blog-5409437835427293169.post-49743509845584715512013-01-31T09:34:23.603-08:002013-01-31T09:34:23.603-08:00Why don't you plan to take the pension option ...Why don't you plan to take the pension option of paying only for yourself and buy life insurance to offset what your hubby would get. You will come out way ahead in the long run.Nd.chichttps://www.blogger.com/profile/09918828872616125907noreply@blogger.comtag:blogger.com,1999:blog-5409437835427293169.post-20421208554506017842013-01-30T15:48:51.346-08:002013-01-30T15:48:51.346-08:00I'm not planing on pulling it out because it e...I'm not planing on pulling it out because it earns an automatic 6% annual interest with no risk-- especially since I'm already vested so even if I leave tomorrow, I can still take a pension at 55 (50 if I really want to take a % hit).<br /><br />But i'm not so sure about evaluating it like that... because it would be a lot of money... way more than the cash value in the account. <br /><br />If I wait until i'm 55 and keep working, I'll get $2,790 a month (based on my current salary... and the option we'd choose so my hubby would receive money if I snuff it.) so that's $33,480 a year... with your 4% rule that's $835,000... <br /><br />but I haven't earned that yet. If I quit today/got fired, and waited to pull the pension, right now I'd get $732 a month... or $8,794 a year... and that would make it worth almost $220,000 now because 4% of that is $8,800.00 according to your formula...<br /><br />I think i'd rather under report its value and use the cash figure for the time being in case they change the retirement formulas in the future. Other wise i'd have a net worth of almost 300k and that just doesn't seem to match up with what I feel we are worth...South County Girlhttps://www.blogger.com/profile/07347142273473958671noreply@blogger.comtag:blogger.com,1999:blog-5409437835427293169.post-76056443672066008082013-01-30T09:34:50.350-08:002013-01-30T09:34:50.350-08:00Re your pension--DO NOT ever take that money out o...Re your pension--DO NOT ever take that money out of your account. You're young and may find a job at a non-pension company but you never know if you'll end up in another civic job. I made the mistake of taking the pension money--fast forward 20 years and I was back with a PERS pension paying job. I paid to "buy back" my previous time. While worth it, it was expensive to do.<br />Also, in my mind, you should count your pension in terms of what you will receive when you retire or start collecting it. For instance, I retired at 57 and my pension is @ $2,200. Since they advise taking no more than 4% from other retirement accounts, this means my pension is worth @ $650,000 (4% of $650,000 is $26,000 per year. my pension is $26,400).<br />Hope that makes sense.Anonymousnoreply@blogger.com