Here is my estimate from Fidelity for an annuity plan that will guarantee a monthly stipend of 1100 dollars a month for the rest of my life. This is close to what I could hope to achieve in the Western Conference of Teamsters Pension Plan. Please note that for the cheapest plan Fidelity is looking for 237,000 dollars. For those arguing that they want to keep only the 401k option I have a question. Are you going to be able to turn your 4000 dollars a year into 237,000 between now and retirement? The answer is simple for me. Here is a link so you can see for yourself.
I had to cut the results because the table took too much space. If anyone would like to see either printed or electronic versions of my estimates let me know. My inputs were for myself and my wife given our age and we got six plan options. There were three options for 100% payout upon my death and three options for 50% payment upon my death. The first three would cost me around 254,000 with different guarantees and the second three would be around 237,000. These appear to be upfront payments, but to me either upfront or payments into this plan are equally unreachable financially.
