Before you take a lump sum or lock in monthly payments, carefully consider the consequences for you, your spouse and your heirs. Once you make a move, there’s no turning back. Employers have been ditching their defined-benefit pension plans for decades.
First, many companies stopped offering them to new employees. Then they froze the plans they had in place for current workers, so that no new benefits could accrue. And now, many companies are offering all plan participants the choice of taking a lump sum payment in place of the monthly checks they expected to get upon retiring.
It’s a more […]
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