See a difference of pension payout from 1.6%yr of serviceaverage of highest 3 years of service formula vs what is shown in alight, the scenario used in this projection was 65 yrs (there should not be a social security offset at that point) when I plan to draw pension, the difference I see is different by almost 20% less. any idea which one is correct ?
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Notright is a mess. Giving incorrect information, numbers are not being calculated correctly. A recent review had folks both receiving and paying back funds.
EM considers 50% of you SS (the amount you could get at 62) as part of your pension since they paid for it. Does not matter when you retire. This amount is subtracted from the amount that the formula says you should get.
If you retire before age 62, they pay the SS 50% until you are 62 (since you cannot get it from SS).
If you wait longer to claim SS, then your income will suffer for that period of time.
Social security offset even when you are 65? I thought you would only be looking at offsets if you claimed pension benefits before 62
The SS offset will exist. EM paid for half of SS so it is deducted.
What you will not see is SS supplement that exists from 55-61.
They like to pip you at 55. Id plan for that.
You are doing annuity correct?
Are you looking at a single life annuity? Or joint with spouse (lowers payment) ? Any term certain (also lowers payment)?