Deciding Between Lump-Sum or Monthly Pension: Finding the Best Fit for You

Increasingly, employees with pensions have a difficult choice: take their pension as a lump sum or monthly pension payments. Here's a pension calculator I mention in the video: ► Announcing THE RETIREMENT ADVENTURE CLUB! We've launched an online membership designed to help you plan for retirement and connect with others who are asking the same retirement questions you’re asking right now. The Club will feature access to RightCapital financial planning software, a growing library of financial planning checklists, online courses, and regular access to me and the team during live-streamed office hours calls. To learn more, visit our website: *** Free Guide *** #pranawealth #patrickking #howtoretire #retirement #retirementplanning #pensionlumpsum #lumpsum --- About Patrick King CFP® --- Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football. Let’s connect: LinkedIn – PatrickBKing Facebook – @pranawealth Instagram – @pranawealth Twitter – @PranaWealth ---------- DISCLAIMER: This is a publication of Prana Wealth Management LLC. All opinions of the authors expressed herein are as of the date of publication and are subject to change. Any information presented herein is not an offer to buy or sell, nor a solicitation to buy or sell any securities or products mentioned. Any investment, tax, legal, or estate planning or information is to be considered general in nature and is not intended as personalized financial planning advice. Always consult a financial, legal, or tax professional regarding your specific situation. Different investments have varying degrees of risk and there is no assurance that they will be suitable for a particular person’s portfolio. Past performance is not indicative of future results. Prana Wealth Management LLC is a registered investment adviser in the state of Georgia and other states where it is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement from securities regulators. Prana Wealth Management LLC receives compensation from YouTube for the presence of advertising before, after, and during this video content. Prana Wealth Management LLC does not control the content or presence of any advertisements. The presence of any advertisement does not constitute an endorsement of the ad, company, entity, or product by Prana Wealth Management LLC. ---------- CONTENT DISCLAIMER: The views and opinions expressed through this media or in comments on this channel are those of the creators and do not necessarily reflect the views and opinions held by this channel's broadcaster. Due to the social nature of this channel, these videos may contain content copyrighted by another person or entity. This channel's owner claims no copyright to said content. The broadcaster of this channel cannot be held accountable for the copyrighted content. The broadcaster shares and strives to verify information, but cannot warrant the accuracy of copyrights or completeness of the information on this channel. Any copyrighted material shared on this channel is intended to be shared by Fair Use. If you have a complaint about the use of copyrighted material, please contact the broadcaster prior to making a copyright claim. Any infringement is unintentional and will be rectified to all parties' satisfaction....(read more)

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LEARN MORE ABOUT: Retirement Annuities REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing

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Lump-Sum or Monthly Pension: Which Is Right For You? Planning for your retirement is a crucial step in ensuring financial security for your golden years. One of the most important decisions you'll face is whether to receive your pension as a lump sum or as a monthly payment. Both options have their own advantages and disadvantages, so it's important to carefully consider which one is the best fit for your situation. Lump-sum pension allows you to receive the entirety of your pension as a single payment, usually upon retirement. This can be a tempting option for many individuals as it provides a large sum of money upfront and offers full control over how it is invested. By receiving a lump-sum, you have the flexibility to allocate the money in various investment avenues, such as real estate, stocks, or even starting your own business. If you are confident in your ability to manage finances and desire the potential for higher returns, this option may be suitable for you. On the other hand, monthly pension payments provide a steady and guaranteed income stream during your retirement. This option ensures a consistent cash flow to cover day-to-day expenses, making it ideal for individuals looking for a sense of financial security. If you prefer a more predictable form of income and do not want to deal with the risks associated with investing a lump sum, opting for monthly pension payments might be the safer choice. Another crucial consideration in choosing between a lump-sum or monthly pension is your life expectancy. If you have a longer life expectancy or have a strong family history of longevity, monthly payments may be advantageous. This is because it guarantees an income for as long as you live, helping you maintain a comfortable lifestyle without the risk of outliving your savings. However, if you have a shorter life expectancy or wish to leave a substantial inheritance to your loved ones, a lump-sum payment might be more suitable. Furthermore, it is wise to take into account your personal financial goals and circumstances. If you have significant debts or substantial expenses coming up, a lump sum can provide immediate relief and allow you to settle those obligations. Conversely, if you have a secure financial situation and have no pressing financial burdens, monthly payments can serve as a reliable source of income. It's also worth noting that some pension plans offer the option for a combination of both lump-sum and monthly payments. This can provide a balance between the two choices, allowing you to enjoy the benefits of both worlds. For instance, you can take a portion of your pension as a lump-sum for immediate needs or investments while receiving monthly payments to support your regular expenses. Ultimately, the decision between a lump-sum or monthly pension depends on your individual circumstances and preferences. It is crucial to carefully evaluate your financial goals, longevity expectations, risk tolerance, and current financial obligations. Seeking advice from a financial advisor can also be beneficial in understanding the pros and cons of each option and determining which is the best fit for you. Choosing between a lump-sum and monthly pension is a significant decision that will impact your financial well-being in retirement. Take the time to thoroughly assess your options, weigh the benefits and drawbacks, and make an informed choice that aligns with your long-term goals and financial security. https://inflationprotection.org/deciding-between-lump-sum-or-monthly-pension-finding-the-best-fit-for-you/?feed_id=132910&_unique_id=64f63ee5a2439 #Inflation #Retirement #GoldIRA #Wealth #Investing #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisorinatlanta #financialplannerinatlanta #FinancialPlanning #howtoretire #lumpsumpension #lumpsumvsmonthlypension #lumpsumvs.monthlypensionpayments #PatrickKing #PranaWealth #retirementplanning #whentochooselumpsum #whentochoosepensionpayments #RetirementAnnuity #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisorinatlanta #financialplannerinatlanta #FinancialPlanning #howtoretire #lumpsumpension #lumpsumvsmonthlypension #lumpsumvs.monthlypensionpayments #PatrickKing #PranaWealth #retirementplanning #whentochooselumpsum #whentochoosepensionpayments