Part of my compensation for 30 years employment is the rule of 85. This is where you add your age and years of employment together - when the sum is 85 and you are over 55 years old you can retire. I will reach my rule of 85 only two months after i reach 55.
I have two choices of payout on my pension.
The first choice is a life annuity for $65,000.
The second choice is a lump sum payout for $625,000.
How in the world can this decision be made (life expectancy, etc.)?
ALso, If the lump sume is the best option and I roll it into an IRA - do I have to wait until 59 1/2 to strat receiving annual distributions?
I should note that the annual income from this pension is necessary
to my retirment plan to retire at 55.
Can ya'll help me with some sage advice?