Are you going to get a pension at retirement? If so, should you take a “lump sum” pension payout or lifetime monthly income? (see article by clicking below).
BUT… even if you are NOT going to get a pension from your job, you can create your own! One that is probably much better than any corporate pension available today (keep reading this email).
Now if you are one of the lucky people who will get a pension from work — what will you choose? Will you take a lump sum payout or choose a monthly check for the rest of your life? There are pros and cons of each decision.
Sometimes your checks will continue for a spouse’s lifetime too if you take a smaller lifetime payout — but you can never leave it to your children.
The Consumer’s Report article (CLICK below) outlines some of the PROs and CONs of each choice. But clients who work with me as their retirement income planner, learn how they can get the pros of BOTH choices… with NONE of the cons. They can get the best of both worlds.
http://www.consumerreports.org/cro/2014/03/best-pension-payout-option/index.htm
Since most folks don’t get a pension from their job, I even help my clients do the same exact things with their IRA, old 401(k), 403(b) plans, an inheritance or ANY account — so they can create their own guaranteed lifetime pension for one or both spouses!
And that guaranteed lifetime income is likely to double every 12-17 years. That’s something almost no corporate pension will do. And with my strategy you can even leave any of the leftover funds to your kids.
Plus this strategy can work whether you are 20 years from retirement… or are 80 years old now.
all the best… Mark
Mark J. Orr, CFP
Certified Financial Planner