My wife has the opportunity to take a lump sum pension payment now of $64247 or a lifetime annuity of $564 per month beginning in 2024. What do you think? Thanks.
I may have just answered a similar question, but I don’t remind responding again! Go to www.immediateannuities.com and see what monthly payout this lump sum would buy from a major insurer. Compare that amount with the monthly payment the company is promising. And, if you don’t need the money right now, consider “rolling over” the money — if the plan provides for that. You can have Fidelity or Vanguard handle it. And they will advise on investments. You could keep the money growing tax-deferred until RMDs start the year after reaching age 70-1/2.