Need Advice For Pension Funds

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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.
If you ask me, it depends where you live. If you live in a developing country with politically and economically stable environment and large GDP growth rates, then it does not make sense to invest in pension scheme that seems to me quite risky and can not provide you with appropriate return. Some solve this problem by investing in offshore banking centers that provide pension financing. If I am not mistaken Bahamas provide quite flexible pension scheme, but the problem is the same as in onshore pension schemes: your return on investment is not appropriate. In both cases you keep funds so that they earn you negative economic profit meaning that you can find better places to invest elsewhere.

Obviously you have a question: ok, I believe you, but where is a better place to invest. I would answer you to invest in real estate. First of all price of real estate increases with GDP and second you can rent out real estate and earn income on that.

Now you may have another question: but I was planning to put away tiny amounts every month and I can not afford buying land or a building. The answer is mortgage: get a mortgage and you can even cover month repayments by the rent.
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