Modeling military pension
I'm trying to figure out how to account for my military pension, which I am already receiving. The problems with simply inputting it in as a pension are (1) that it continues as long as I live but goes away if I die; and (2) even if I die before 2015 it pays until our youngest child turns 23 in 2015. This is a problem for contingency planning for my wife if I die.
I would like the forum's opinion of my my workaround to account for these two aspects. First, I would input it as an annuity that begins in 2015 and terminates with my death. Second, I would input it as a special receipt from now until 2014. That way, I get credit for the pension under all circumstances through 2014 and as long as I live I will get it as an "annuity." Two questions: (1) Will this work? (2) If so, will the contingency module now include the absence of the pension in calculating my wife's situation should I die after 2014? Thanks.
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Hi, You should a) turn on contingent planning, b) enter this as a special receipt from now until you die, c) enter it as a contingent special receipt (going to your wife if you die) from now through 2014, and d) call me at 617 834-2148 if this doesn't seem to make sense or seem to work. Can't see why it won't. best, Larry