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Would that not depend upon the pension? In my experience (albeit limited) some pensions have a cash value and you may take a lump sum upon retirement.
If he already received the lump sum then it would be part of his current wealth.
Sure. But I guess I'm just thinking that a retirement account (be it a Roth, pension, etc) has a cash value that should be a part of one's net worth. Just because it hasn't been cashed out yet doesn't mean it has no value.
Just as I would include shares of a company that someone owns but hasn't sold as a part of their net worth.
IRAs and other retirements savings can inherited if the person dies before or after they retire. Pensions can sometime be collected by surviving spouses, but are generally something you only get if you live long enough to receive them and they are not inherited.
The former is something you have (wealth), the latter is something you will get (future income). Kind of like the difference between the value of those shares now and what they could be worth in the future.
So you define wealth as only that which you can leave to survivors? That makes sense. I did some reading and it appears including pension in net worth calculations is something that varies among financial advisors. Some don't even include the value of your home since you can't readily access the value of that.
I've always thought of net worth as total assets minus total obligations/debts. And I view a pension as an asset. But given how you're defining wealth, that makes sense why you would opt not to include a pension in net worth calculations.
Then it’s calculated in as his net worth. The fact that it’s a pension doesn’t change anything. He could’ve won the lottery, it’s still calculated in his net worth the moment the money is in his hands.