Since the separation of my husband last June, Pension/401Ks have finally been disbursed to me. The plan is through Fidelity.com and I have been on the phone with a few Pension reps in re of questions i have in re of the disbursement options/figures.
The two options I have are:
Single Life Annuity OR Partial Lump Sum Residual Single Life Annuity; the later receiving a greater monthly figure till death with no cost of living % at any point. I also was informed that there can be no beneficiaries assigned if I do not roll the money over to a IRA.
I have requested information of their calculations as to how they came to the monthly figures to be sent to me as well.
As with both the 401K and Pension disbursement, all reps at Fidelity/CPA/Quadro lawyer have suggested I roll the money over into an IRA/401K, in which I decline on doing. Also, the Quadro waives the 10% withdrawal penalty and currently I will be in the 15% tax bracket for 2012.
Do I need the money right away? No. Would I like to begin receiving the monthly payments and *hopefully* know they will be coming till I pass compared to locking it up into an IRA till 59 1/2? [I am 55 and am a home-maker] That is how I am leaning.
I would appreciate knowledge of annuities, what questions to continue asking Fidelity and some possible options/advice in re of the choices for the ANNUITY choices above with the understanding that the response are just that, options, in which I can utitlize all info that I have to make the wisest choice I can.
As I have stated to a few members here at TF over the last few years, I have been here since the Watchtower days and have learned much through members here in re of my own personal financial journey as it has been a solo journey for me. My ex-husband, in which we parted as very good friends and continue to spend time together and my 3 kids in their 20s, do not see the danger of what is going on in the world/US. I prep/stack/read TFmetals and will provide for my family if/when needs be. I continue to read daily to being informed.
Thank you to all,