Hi Im 61 and retired in March this year. Im due a small pension from a long time ago ex employer a $491 per month at age 65 (4 years from now) with no lump sum option for single life annuity. However, I just received a one time offer to convert a pension to a lump sum payout of $56,000 or $353 per month single life to begin in November this year. I have one month to decide. Is this normal to pressure someone into the lump sum offer early?
I dont need the money right away and looks like the 56K would buy a better single life annuity beginning in November per immediateannuities.com. Anybody convince me that I should take the lump sum and drop it into a traditional IRA invested partially in a low cost Index fund and let it grow? Again its a one time offer with a short decision period, so I want to make sure I choose the correct option. Currently im inclined to start the $491 guaranteed pension at age 65.
I dont need the money right away and looks like the 56K would buy a better single life annuity beginning in November per immediateannuities.com. Anybody convince me that I should take the lump sum and drop it into a traditional IRA invested partially in a low cost Index fund and let it grow? Again its a one time offer with a short decision period, so I want to make sure I choose the correct option. Currently im inclined to start the $491 guaranteed pension at age 65.
Statistics: Posted by AlottaJuicy — Tue Sep 17, 2024 11:48 am — Replies 2 — Views 204