Pension
I have a pension through the PBCG ( Sears) . I’m debating whether or not to start taking it now or in 2028 when I turn 70. There is a differance of 164.00 per month if I wait. I don’t need the money and could have it deposited in an account in my finacial instatute. What do I need to know that would make me wait other than I will get more money later? If I start taking it this comin January will it increase when I reach 70? Or it will be set at the amout I start taking it?
Terry Says
I don’t know the amount you’d get now, vs the additional $164/mo you’d get by waiting three years. So it’s hard to make a call. You have the numbers, so you can do the math. Is the increase more than 3% a year? If not, you might as well start taking it now.
And most pension plans do not increase after you start taking them. Surely this is true in the case of Sears, which is being managed by the government’s Pension Benefit Guaranty Corporation.
Read this for details on the plan:
https://www.pbgc.gov/wr/sears-holdings-pension-plans
