In a terribly unstable and hostile political and economical climate, it is more important than ever to start weighing your options with it comes to pension, social security and other potential sources of income for retirement. In her new blog post, Sarah O’Brien tackles GE’s proposition of a lump sum pension payout, a few tips to consider with their upcoming changes, summarizes the events that led to the decision and provides a few extra resources you can check out that center on financial well-being.
- Lump-sum payments tend to be lower than those of long-term plans, but with investment options, may be more profitable.
- It’s key to have an investment plan if you are to choose to take a lump-sum retirement payment.
- By rolling retirement funds into a Roth IRA, employees may be able to avoid penalties on taxes and distributions.
“If you think you want to take the lump sum, be sure you have a plan for investing it”