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Do you plan on claiming your pension soon? Make sure you consider all your available options before making the irrevocable decision.
In this episode, Jeremy Keil talks about pensions. More specifically, he explains why it’s important to be aware of all the possibilities when picking a pension plan. Jeremy shares his professional opinion about comparing a one lump sum payment to a monthly annuity and provides resources about pension plans and how you can calculate which one makes more sense for you financially.
Jeremy discusses:
- The temptations of taking your pension in one lump sum
- How to decide between a monthly annuity and a lump sum pension plan
- Why it’s important to read your pension plan summary and consider all the possible options before making a decision
- Why the better choice between a monthly annuity and a lump sum pension plan varies annually
- And more
Related: An Economist’s Secrets to More Money, Less Risk, and a Better Life