For those of you approaching retirement, there are some great points to think about in this article.
Whether it’s because their employer’s pension plan is terminating or they’re about to retire, one of the most common questions we get is whether to pick an annuity or lump sum payment from a pension plan. Choosing the annuity provides an income payout for as long as you (and perhaps your beneficiaries) live. A lump sum gives you all or some of the money upfront. Either way, this choice is usually irrevocable and can have a huge impact on your retirement so here are some factors to consider before making your decision: