tag:blogger.com,1999:blog-20674128.post5072522415374830187..comments2024-03-14T13:50:26.981-04:00Comments on Chaz's School Daze: Pension Max Is A Bad Bet.Chazhttp://www.blogger.com/profile/09964739497720364749noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-20674128.post-38203428644888797032019-01-21T13:43:28.173-05:002019-01-21T13:43:28.173-05:00Depending on your circumstances, the max pension w...Depending on your circumstances, the max pension works. For instance, I have been retired 7 years. I am in tier 1. I have no dependents/spouse. My adult sons are my only survivors. Have the no survivor pension option. My TDA has not been annuitized. I have no life insurance. But I did go to Ira Bernstein to complete my retirement papers and he also wrote letters to TRS for me to get monies owed me. I had a gap in service for childcare/changing from NYS to NYC and other circumstances. His seminars are informative. His NYC office called once. I told them I was not interested in investing with them. Never heard from them again. Waited until 70 to collect SS. So, with pension and SS have more money monthly than I did while working. Now, Fed govt tells me to take a yearly withdrawal from TDA.....they want their taxes. Fun money. One year bought convertible. Fun. SHIP pays for some of the medical/dental expenses not covered by medicare and GHI and Cigna in retirement. We have a good deal, just make sane , logical decisions. Anonymoushttps://www.blogger.com/profile/17414638783898631271noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-6858048952381987302017-12-21T21:42:07.259-05:002017-12-21T21:42:07.259-05:00I know people have used Ira.Bernstein for a consul...I know people have used Ira.Bernstein for a consultR Goldhttps://www.blogger.com/profile/13675956463262149950noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-22439089698990578152017-12-21T18:09:42.097-05:002017-12-21T18:09:42.097-05:00This isn't the first and won't be the last...This isn't the first and won't be the last scheme that private equity companies try to use on teachers who are nearing retirement. <br /><br />If you think about for a second, civil servants are the only types of employees left who have a guaranteed monthly pension benefit to look forward to. This means we have money in retirement and it makes us ripe for schemes like this.<br /><br />And this is a scheme. If you were a teacher, it is not a good idea to divert (as much as) 20% of your retirement income to the private financial sector for after life concerns. In fact, as you showed here, all of the life insurance we'll ever need is in that 7.5% compounded interest and the choice of beneficiaries offered by the TDA, in combination with the pensuon and medical benefits we will have. As my old DR Marc Korashan used to say, 'if a financial advisor suddenly calls you out of the blue within 5 years of retirement, don't pick up the phone'.NYCDOEnutshttps://www.blogger.com/profile/10692665524124012171noreply@blogger.comtag:blogger.com,1999:blog-20674128.post-77563698857637360842017-12-21T16:05:54.937-05:002017-12-21T16:05:54.937-05:00There are a couple of flaws with the logic - first...There are a couple of flaws with the logic - first, if you get the proceeds of the insurance policy, you can either use the capital as part of the return or, if you die before you use up all the money, it can go to your heirs. A pension ends on death and no benefits pass to your heirs. Secondly, I am not as confident as you are on the certainty of our pension. Any competent financial planner would suggest that a reasonable person should not count on receiving their pension. Just ask the Detroit pensioners and eventually those from Illinois as well.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-72427918820329593932017-12-20T21:46:23.029-05:002017-12-20T21:46:23.029-05:00Sir Chaz thank you for this very informative artic...Sir Chaz thank you for this very informative article. Your words can save people lots of money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-80936230857490820482017-12-20T20:40:47.632-05:002017-12-20T20:40:47.632-05:00An insurance salesman is coming with free lunch to...An insurance salesman is coming with free lunch to try selling cancer insurance and life insurance. Who invited this guy?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20674128.post-57055175941965624092017-12-20T17:14:01.917-05:002017-12-20T17:14:01.917-05:00I went for my final UFT pension consult last week ...I went for my final UFT pension consult last week and was told my now free prescription plan would be $488 per month when I retire and that the UFT would reimburse me $390 once a year. I have HIP - so if I retire July 1st, I'm assuming I'd have to pay that until I could switch my plan to something less expensive like GHI in October? I'm really confused and am thinking of going to a private consultant. Any info is appreciated.Anonymousnoreply@blogger.com