YES, YOU'RE A VIRTUAL MILLIONAIRE, BUT SO IS EVERYONE ELSE

Q: Can I be said to be a millionaire? I have cash-type assets of about $180,000. I have a 401(k) worth about $82,000. My paid-off home is worth about $175,000. I will also receive a defined-benefit pension. I could receive it (retire from service) about five years from now, when I will be 53 years old. My annual statement gives the currently projected "lifetime annuity value" as about $1.515 million. I believe it is based on a $4,520 monthly benefit over my estimated lifetime (53 years to 81 years of age). A rough calculation of present value says this is worth about $570,000. That, plus the above assets, gives a total right at $1 million. -- D.J., Dallas

A: It would be safer to say you are a "virtual millionaire." The value of your monthly pension is the sum of ...