Ask Terry Questions Public Pension Choices

Public Pension Choices

By Terry Savage on September 26, 2023 | Financial Planning / Retirement

Daughter (50) and Son-in-law (49) have IMRF Pensions in Illinois. He is eligible to take pension in Sept. 2024. Have been told public pensions work a little different from private company pensions. How can they determine best choice in taking pension?

Terry Says

Wow they’ve been working for a long time and qualify for pensions at a relatively early age. I hope they continue to work and save money for retirement. They truly need a financial advisor who understands the Illinois pension system — not just a broker who wants to grab their money!

Are you talking about the choice between a lump sum rollover vs the monthly promise of a fixed check for life?
If that’s the case, please write back to the email you receive saying your question has been answered. I have someone — a fee-only financial advisor — whom I trust to give good advice, but only after considering their entire financial picture, now and in the future.

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