Video from Facebook live stream from the Facebook group, "Taxes in Retirement," from April 7, 2021. Discussion of the pros and cons of taking a lump sum in lieu of a traditional pension. To join Taxes in Retirement - #Pension #LumpSum #RetirementPlanning DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy....(read more)
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On April 7th, 2021, a Facebook Live event was hosted to discuss the important decision of choosing between a pension or lump sum when planning for retirement. This decision can have a significant impact on one's financial future, so it's important to carefully weigh the options and consider one's personal financial goals. A pension is a retirement benefit offered by many employers that pays a regular income to retirees for the rest of their lives. The amount of the pension is typically based on a formula that takes into account the employee's years of service and average salary. This means that the longer an employee works for the company and the higher their salary, the larger their pension will be. On the other hand, a lump sum is a one-time payment that can be taken in lieu of a pension. This lump sum can be invested and potentially grow, providing more flexibility and control over the funds. However, it also comes with the responsibility of managing the funds and ensuring they last throughout retirement. During the Facebook Live event, financial experts discussed various factors to consider when choosing between a pension or lump sum. One important factor is the level of risk tolerance. Those who prefer more stability and guaranteed income may opt for a pension, while those who are comfortable with more risk and want more control over their funds may prefer a lump sum. Another factor to consider is longevity. If someone has a family history of longevity and expects to live a long life, a pension may be the more secure option. However, if they have health issues or other factors that may impact their life expectancy, a lump sum may provide more flexibility and control over the funds. Overall, the decision between a pension or lump sum is a personal one that should be carefully considered in light of one's individual financial goals and circumstances. Seeking the guidance of a financial advisor may also be helpful to make an informed decision. By making the right choice for their individual circumstances, retirees can ensure a secure financial future and enjoy their retirement to the fullest. https://inflationprotection.org/should-you-choose-a-pension-or-lump-sum-facebook-live-event-on-april-7th-2021/?feed_id=90056&_unique_id=6442cb5632be0 #Inflation #Retirement #GoldIRA #Wealth #Investing #annuity #lumpsum #pension #RetirementIncomePlanning #retirementplanning #SpousalIRA #annuity #lumpsum #pension #RetirementIncomePlanning #retirementplanning
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