I had to make a similar decision some years ago, and I chose the annuity option rather than the lump sum to adjust for a budget shortfall. If you are financially secure without the extra income, the lump sum option could make the most sense because inflation will diminish the value of the income with time. If you take the lump sum, then be careful where you invest the money. Too many investments have a negative real return when inflation is considered. A financial advisor is helpful if they do not have a specific product line they are motivated to sell. For example, if you go to a car dealer, they will tell you that "the best choice for you" is a car on the lot (even if it is not).
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