CLARION, Pa. (EYT) — Michael Patton, of Patton Financial Advising, submitted the following article: 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.
Read the full article here: https://www.pattonadvising.com/Pension-or-Lump-Sum-Which-Should-You-Choose.c9743.htm
Patton Financial Advising
51 N. 4th Avenue
Clarion, PA 16214
814-226-9400
Toll-free 1-877-547-2751
Visit website: www.pattonadvising.com
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