Zontyy
Senior Don Juan
- Joined
- Jun 8, 2020
- Messages
- 206
- Reaction score
- 180
- Age
- 38
So right now I only have one child and would like more with my girl but she happy with what she has. I work for local goverment in my state which has a pension fund. I can start to collect from the pension fully at 67. If I do single life allowance it leave me with roughly $5200 a month, I could do joint with my woman with survivor benefits where she would get $4200 in case I die and I would also collect $4200. Since though she doesn't want to give me more kids and I'm not one to stray and cheat on her. I was thinking it would be better to have my pension go my son who is only 18 months old right now. However if I decide to leave my pension to my son the monthly for me would only be $2435 a month and when I die my son would be payed that amount along with cost of living increases the rest of his life.
I feel like this is in the long term would be most beneficial for my son and give me a slight edge in passing on his genetic legacy hopefully having more then just one kid with atleast one male heir.
I already am dumping 19% of my paycheck into retirement and by the time I retire it should be sitting around 1.5 million so even if I take a hit in my pension it really should matter. I also thought about joining the coast gaurd reserves and trying to do 20 years with them which would equate to a pension of $2445 assuming I never get promoted passed an E3. That would leave me with 2 pensions with a total of $5k a month for rest of my life and the retirement money I am already banking. Only plus is at 55 I can start to collect the military pension over having to wait until 67 for my local/state pension to kick in.
Hopefully I keep investing in stocks and properties on the side to leave my son. The only goal I want for him to to have many children hopefully I can set him up to not worry so much about money. I don't know what are your guy's thoughts? Should I leave my pension to my kid or nah?
I feel like this is in the long term would be most beneficial for my son and give me a slight edge in passing on his genetic legacy hopefully having more then just one kid with atleast one male heir.
I already am dumping 19% of my paycheck into retirement and by the time I retire it should be sitting around 1.5 million so even if I take a hit in my pension it really should matter. I also thought about joining the coast gaurd reserves and trying to do 20 years with them which would equate to a pension of $2445 assuming I never get promoted passed an E3. That would leave me with 2 pensions with a total of $5k a month for rest of my life and the retirement money I am already banking. Only plus is at 55 I can start to collect the military pension over having to wait until 67 for my local/state pension to kick in.
Hopefully I keep investing in stocks and properties on the side to leave my son. The only goal I want for him to to have many children hopefully I can set him up to not worry so much about money. I don't know what are your guy's thoughts? Should I leave my pension to my kid or nah?
