Should I Take My Pension as A Lump Sum?

While many employers are moving away from offering traditional pensions, some still do, and it’s important to understand your options.

You may have the choice between taking a lump sum distribution or a lifetime stream of payments. There are pros and cons to each, and it’s important to consider your unique circumstances and goals before making a decision.

To help you make an informed decision, we’ve created a flowchart that covers several important factors to consider. These include your life expectancy, the viability of your pension plan, your risk tolerance and need for guaranteed income, wealth transfer considerations, and lifetime income options.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.