Michael Patton Advising: Pension or Lump Sum: Which Should You Choose?
Traditional pensions, which promise lifetime income payments in retirement, have become less common in the private sector, with only about 10% of workers currently participating in a traditional pension plan. However, pensions are still widely offered in federal, state, and local government employment, and 61% of workers expect a pension to be a major or minor source of retirement income.(1)
About half of pension plan participants can choose to take their money in a lump sum when they retire.(2) In addition, companies may offer pension buyouts to vested former employees who are working elsewhere, and even to retirees who are already receiving pension payments.
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