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re: Offered lump sum payment for old pension. Should I take it? (Im only 36)
Posted on 4/19/16 at 8:38 am to baldona
Posted on 4/19/16 at 8:38 am to baldona
quote:
Unless the return they are promising you is in the range of 10% or more, I'd definitely take the lump sum.
Jesus christ. People need to start giving financial advice on topics they don't understand
1
Posted on 4/19/16 at 9:05 am to GenesChin
quote:
Jesus christ. People need to start giving financial advice on topics they don't understand
Solid post.
You know exactly what I was trying to say. In other words, never take an annuity at age 36. The returns they are promising ($355/ month) includes the probably that some people will die before they reach 65. Therefore, if you live to 65 or longer it is a horrible return for you and your family. If you and your spouse die before age 65, your family gets nothing. Instead, they could have $80,000+ in a retirement account that will be passed to your heirs.
Roll it into an IRA.
This post was edited on 4/19/16 at 9:07 am
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