Retirement Pension Lump Sum or Monthly Annuity Payment? - 354

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 30 November 2021

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should you take your pension all at once in a lump sum when you retire or spread it out over monthly annuity payments? What if the lump sum choice requires moving your pension to an investment plan? Or maybe your only pension options are either 10-year period certain or joint with rights of survivorship? All of these pension spitball analyses are compiled into this single episode to help you choose between your own pension options. Show notes, free resources, Ask Joe & Al On Air: https://bit.ly/ymyw-354

Transcript

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0:00.0	As we approach the end of the year, some of you are thinking about retiring, and you're considering
0:04.3	your pension options. Should you take that pension all at once in a lump sum, or spread it out
0:09.2	over monthly payments? Maybe your lump sum option requires you moving your pension to an investment
0:14.5	plan. Should you do it? Or maybe your pension doesn't even offer a lump sum, but a choice between
0:19.1	10-year period certain and joint with rights of survivorship instead.
0:22.6	Then what? Joe and Big Al have spitballed on all of these variables before, and today we're compiling all of those discussions into Your Money, Your Wealth podcast episode number 354 to help you make your own pension choices.
0:35.6	Visit Your Money, Your Wealth.com and click Ask Joe and Al on air to send in your money questions.
0:41.9	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joy Anderson, CFP, and Big Al Clopine CPA.
0:49.9	Nick, yeah, from Moreno Valley, California.
0:53.9	I am 54 in Planned to retire to the Philippines.
0:57.4	Okay, total monthly income needed is $4,000.
1:00.8	We will have no mortgage when retire.
1:03.1	Currently, home will be sold at a gain of $80,000 to pay off home in Philippines and money left to purchase car and build a vacation home.
1:10.5	Holy buckets. Cool. You could pay off your in Philippines and money left to purchase car and build a vacation home. Holy buckets.
1:11.6	Cool.
1:12.6	You could pay off your home, buy a car, and a build a vacation home for 80 grand.
1:18.6	Yeah, I like it.
1:19.6	Okay.
1:20.6	My pension starts at, let's call $2,000 a month with 50% survivor.
1:24.6	At age 55.
1:26.6	We will start withdrawing 3% from 401k with 3% inflation or wait two more years and get $2,400
1:33.5	a month from pension and withdraw $4,000 a year from the 401K for two years.
	...

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