Hello. I am 59 and I am a NYS employee. I am in Tier 2 and I am eligible for retirement. I am planning on retiring Summer or Fall 2009. I would like to know if I should take the Single Life Allowance and invest it into a fund? Or take the joint allowance which is 85% less. My wife is 5 years younger.
Alot of financial advisors have told us over the years that it MAY be a good idea to purchase a life insurance policy for the full amount of the allowance, but I need that money to live on. Please advise what the best way to do this.Thanks.
Alot of financial advisors have told us over the years that it MAY be a good idea to purchase a life insurance policy for the full amount of the allowance, but I need that money to live on. Please advise what the best way to do this.Thanks.