Lump Sum versus Pension
On this episode of Better Money Boston, Joel Johnson, CFP® discusses lump sums and pensions, and what may be right for you.
There are a few things to ask yourself:
- Do I need the money?
- Am I responsible with money?
- How will this decision affect those I love?
If you do not need the money, consider rolling it over into an individual retirement account, investing in yourself, and taking money out as you need it. However, it’s important to examine both situations when deciding whether to take monthly payments or to rollover a lump sum.
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