Mullooly Asset Management
Mullooly Asset Management
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Better to Take a Lump Sum or Monthly Pension?
• 22 minDeciding between a lump sum or monthly check can be a daunting task. Wondering how you should go about it? You're not alone; this episode dives into the heart of that problem. We tackle fascinating topics such as the ongoing trend of private sector employers closing their pension plans, and the implications of choosing a lump sum payout versus a guaranteed monthly income. We stress the importance of recognizing when you'll need the money, and explore the fascinating exercise of calculating the cost of buying an income stream at retirement age. In the second half of the discussion, we delve deeper into the pros and cons of each decision. We talk about the significant role your liquid net worth plays and the trade-offs of potentially more taxable income in the future. We also consider the option of taking the lump sum and reinvesting it in the market. After all, every retirement plan is unique and requires a tailor-made approach. By the end of this episode, you'll be equipped with the knowledge to make a well-informed decision regarding your retirement.
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