Tuesday, January 18, 2011

End of the gravy train?

Fingers CrossedImage via WikipediaMy sister-in-law is worried. She and Mr. Poorhouse and their brother have each been getting a share of their father's pension since he passed away 16 years ago. They each chose a 15-year payout option at the time.

Except that it's been 16 years. And the checks are still coming. (Well, strictly speaking, the automatic deposits are still being made, but you know what I mean.) And the administrator's web site says nothing about an end date.

So she thinks that she should call them and find out what the deal is, because she's afraid that someday they will say, "Oops, we made a mistake. Give the money back." And we will say, "Uh, oops, we used it for our car payment."

Mr. Poorhouse and I are thinking that maybe the 15 years was a minimum time period, but that the return on the pension was better than expected. At least that's what we're hoping. We've reviewed the documents though, and it doesn't really say that.

I just want the payments to last until May, when our second car will be paid off. If it continues beyond that we had planned  to use the pension payment to do some needed maintenance on our aging fleet and to build up our emergency fund.

I don't suppose keeping your fingers crossed is a sound financial strategy though.

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