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Retirement Planning – Lump Sum or Monthly Payout?

Q: Given a choice between a pension lump sum of $266,000 or $1600/month, which do you feel is the better choice? I am 63. Thank you.

A: This is something we talk with clients about all the time. There are a couple of things to consider when making this decision:

1.       Is this a lifetime payout?

2.       Are there any survivorship benefits?

3.       What are your monthly income needs?

Generally speaking, however, a $1600 per month payment on a lump sum option of $266,000 is the equivalent of a 7.2% yield. These days, that is very good.

Hope this helps and please let us know if we can help in any way.


 

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