I’ve looked at this a lot too. Getting life insurance instead of joint survivor would require me to get it before 60 and 20 year term. After 60 and/or 25 year term ramps the cost up big time. My wife wasn’t comfortable with life insurance running out when she hits 78 and then no survivorship after that. Schwab financial planner recommended the joint survivor options.

Deferring the pension does raise the benefit nicely but you need to look at the break even point. Deferring a year for me had a break even at just under 9 years.


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