Taking the cash is a sure thing....... Also, most cash balance annuity options are insured. Check the fine print for who backs yours. I looked into mine and it was insured up to $5k / month. Am 100% safe as mine is $1518.00 lol lol Not bad after 29 years and 9 months.
Had a 280k lump option, or annuity. Took the monthly at 55. Partially due to taxes on the lump.
Well- we will not take the monthly annuity- not worth it. It is a 10 years certain type so it is not like it is forever anyway. Being hubby will already be 66 or 67-no sense in taking a monthly option. If you are younger- like yourself- that is different. You have a better chance of collecting all your money back before you die.
Hubby actually works for an insurance company so I am sure this is their own annuity plan so they can make even more money off of him!.
Right now the lump sum is down to just 180,000 and he has been there for 22 years- like I said- they killed it or it would have been close to $300,000.
There's no taxes on the lump sum if you transfer it directly to an IRA which is what we intend to do.