You're listening to Ramsey everyday millionaires where we talk retirement building wealth and outrageous generosity

Tom is with this Tom is in green big Wisconsin. Hey Tom, what's up?

Hi gentlemen, how are you doing today? Great man. How can we help?

Well, my employer is terminating the pension that they wanted to actually stop the pension in like 1996

but now they are creating their hands of it and I need to do something with it by August 5th and we either have to take a lump sum

an annuity or deferred payment till later. I want to take the lump sum. Yes you do.

Want to invest it? Yes you do. And it's a critical investment for me at the time. Yes you do in my life. I'm 57 years old.

Absolutely you do. That's exactly what you want to do. Here's the thing, when you die a pension dies with you.

Right. Okay so how much money does this lump sum? 53,000. Okay good good you don't want to lose 53,000

upon your death so we're going to roll it. You're lump sum you can roll it into an IRA you'll have no taxes

and 53,000 is not going to make you rich and it's not going to make you poor if you lost it all but

you're not going to do either one so it's great with this. I hope you do some other things that make you rich

but it's a good start. I'll take it if you send it to me. I'm not mad about it but it's not 500,000 it's not 5,000

right so what I would do is I would sit down with one of our smart vester pros people we recommend we're

not in the investment business if you didn't know Tom we just have a group of brokers out there

a group of financial guys that and gals that we endorse that we have vetted and you can choose from

among them by clicking smart vester at Ramsey Solutions and here's the thing you're feeling the weight

of this decision anytime we have a decision that has a lot of weight to it the way to get comfortable

with it is study knowledge and sit down with that smart vester pro and tell them I'm worried about

this the only way my worry is going to go away is the more I know so you've got to teach me a lot

between now and August the 5th I need to learn a lot you don't have to you don't have to get a

master's degree in finance but you need to know what a mutual fund is how it works what the track

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