Survivor benefit quetion

[hssportsfan]

My wife recently passed away. I'm almost 55 years old. I'm in very good health. I'm a non-smoker. I have a good family history indicating longevity, and have every reason to think I'll live at least to my mid to late 80s. I'm entitled to survivor benefits, and I have 3 choices. I can receive
1. $110,000 immediately.
2. $ 920 per month immediately ending upon my death.
3. $ 1,493 per month starting at age 60 ending upon my death.

There probably isn't really a 'right' answer, but I've been pondering this for a month and I need to make a decison and go with it.... Thank You.

 

[jpd]

You will need to post a LOT more information before you got a meaningful answer to this question - you ought to talk to an independant financial advisor.

I note that you mention $ - this forum is based in Ireland and most of the information in it refers to Irish tax, investments etc

 

[purplealien]

My condolances hssportsfan! As the op said, this is an Irish forum so it wont benefit you. You should try www.about.com - it will have all the information you need. Take care.
P.A

 

[Guest126]

Hi HS

I think you will need advice from your side of the pond.

Based on typical health and ignoring tax, could advise as follows:

• Capital value of $110k now is $110k
• Capital value of $920/month for life for a 55 year old male is about $200k based on current Irish market annuity rates
• Capital value of $1,463/month for life from your 60th birthday is about $220k (also based on current Irish market annuity rates and a discount rate of 6% per annum between now and your 60th birthday)

These figures are just to give you a very general background and put it into some sort of context...please do not rely on them because USA annuity rates may be quite different AND more importantly there may be significant tax differences between the benefits you are being offered.