A calculator to compare pension options from your retirement statement.
|Updated||May 26, 2017 (3 years ago)|
|Developer||The Warley Company|
If you have received a statement from your pension plan with a menu of benefit options, you are probably wondering how to compare them. This calculator cannot tell you which to choose, but it will calculate their values in today's dollars based on the assumptions you enter. For example, which option is worth the most in today's dollars if you die in five years, but your spouse lives another 35 years? Which one is worth the most if you both live until you are 90?
Second, you can compare a lump sum option to an annuity option. If you took a lump sum, how long could you use it to pay yourself the same amount as the annuity would have paid? You can input assumptions about how long you and your spouse will live and the investment rate you will earn on the lump sum.
This app cannot replace the wisdom of a financial adviser who knows you and your situation, and it is blind to any subjective factors that might be important to you. But after helping several people with this decision, including my own father, this is the tool I wished I had to compare the options mathematically.
You can input the following pension options:
-Annuity: you can input any guarantee periods and the spousal benefit expressed as a percentage.
-Lump Sum: enter the lump sum you will receive.
-Partial Annuity + Lump Sum: These options include both an annuity and a lump sum amount.
This calculator does not support annuity options that increase over time (such as with inflation).
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