It all depends on how much the company will give you in a lump sum vs taking a pension. A conservative way to estimate the value of a pension is to multiply the yearly amount you get by 20.
When I retired I had my financial adviser take a look at the numbers. He told me to take the pension because the lump sum payment they were offering was so pathetic. He told me that in almost all cases he recommends the lump sum but with my case he couldn't go in that direction.
Now, that is an honest adviser because you know he would rather be managing that money and getting his yearly commission than having me taking the pension !
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"The secret of successful managing is to keep the five guys who hate you away from the four guys who haven't made up their minds." - Casey Stengel
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