Pension Lump Sum or Annuity?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 26 June 2018
⏱️ 9 minutes
🔗️ Recording | iTunes | RSS
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Summary
Because there aren't that many defined benefit pension programs out there anymore, we don't get a ton of pension questions. But they do still exist, and every once in a while we'll get a question from somebody trying to decide between a lump sum or monthly payments. That's the case with Janet from California on the latest BONUS call. Have a money question? Email me here. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. We're sponsored by Betterment |
| 0:07.1 | the largest independent online financial advisor. Now of course you've got two |
| 0:11.6 | chances every week to get on the air. On Tuesdays we |
| 0:14.8 | drop this better off bonus call of the week and then on the longer show on |
| 0:18.9 | Thursdays right after we're done with the interview we've got the listener |
| 0:22.0 | question of the week and every so often we might even |
| 0:24.1 | sneak in a weekend hit because we've got so many emails so if you've sent us an |
| 0:28.1 | email at ask Jill at better off podcast dot com and you haven't been jingled back. |
| 0:33.6 | Don't worry, we're trying to dig out of our inbox right now. |
| 0:36.4 | Any financial question, anything you got? |
| 0:38.6 | Ask Jill at better off podcast.com. |
| 0:41.2 | That's what Janet did. And so we are talking with Janet from California this morning. |
| 0:46.0 | Hello Janet what can I do for you? |
| 0:48.0 | Hello there, thanks for answering my questions so quickly. |
| 0:52.0 | Sure. At least tackling it. My question involves a |
| 0:56.8 | pension from my previous employer. I'm 65 years of age, single retired, and right now the lump sum of the pension plan is about $135,000 |
| 1:11.6 | and a little change. when I take this I plan on doing the annuity option rather than the lump sum pay out. |
| 1:19.5 | I found out that I'm not required to do anything till age 70 and a half and at that point the |
| 1:26.9 | monthly payment projection they have not done. |
| 1:31.8 | You're you're really flummoxing them because everybody wants their money |
| 1:35.3 | immediately so now that you're asking what would happen if I waited they don't |
| 1:38.6 | know. You don't have to do anything. They're not saying you must make a choice |
... |
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