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FAQ #36578

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I am planning to retire and need to decide on a distribution from my pension plan. I can take a full benefit or a reduced benefit in order to provide for my surviving spouse. The dilemma is predicting how long either of us will live. My wife is younger than I am but has some health problems. What should we do? We cannot change our minds about this later.

Related resource areas: Personal Finance


Your question is a very important one, and the answers will affect the quality of your life and your wife's for years to come. It deserves a thorough analysis with a competent adviser. You can hire a certified financial planner for about three to five hours of their time and get a professional analysis of your situation and computerized investment withdrawal scenarios. To find a certified financial planner in your area, call 1-800-282-PLAN or 1-888-FEE-ONLY, or visit these Web sites:
• www.fpanet.org,
• www.cfp-board.org, and/or
• www.napfa.org.

Also, read Unit 10 of the "Investing for Your Future" course available online at www.investing.rutgers.edu to learn more about questions to ask and how to select a professional adviser.

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