Bram
Recycles dryer sheets
- Joined
- Dec 16, 2006
- Messages
- 227
I was notified last week of a one time offer to take a lump sum payout of my defined benefit, non-cola pension in lieu of lifetime monthly payments. We retirees have until Dec 6, 2019 to make this election. I took all of about 10 seconds to decide on that. I will have the money rolled over to a traditional IRA with Vanguard. I did attend an informational meeting, but there really was nothing added to what was available to read in the several page packet that had been sent.
One of my friends told me that she planned to just keep the monthly pension payments. She’s single but has adult children & grandchildren. I asked her if she understood that if she dies next month those thousands of $’s just disappear, no one gets it. I urged her to explore her options before she decided.
Another couple of friends are going take the lump sum, & plan to talk to someone at the local Edward Jones office. I suspect EJ is going to see a big influx of money into their coffers.
I feel grateful that I found this forum ~ 13 years ago For those who had little knowledge, expertise, nor interest in the topic it would be difficult to now get up to speed in this short time frame to make an informed decision about what to do & where to put the money. I don’t feel like I’m any sort of an expert, but it seems I have a leg up on several who are wrestling with this.
One of my friends told me that she planned to just keep the monthly pension payments. She’s single but has adult children & grandchildren. I asked her if she understood that if she dies next month those thousands of $’s just disappear, no one gets it. I urged her to explore her options before she decided.
Another couple of friends are going take the lump sum, & plan to talk to someone at the local Edward Jones office. I suspect EJ is going to see a big influx of money into their coffers.
I feel grateful that I found this forum ~ 13 years ago For those who had little knowledge, expertise, nor interest in the topic it would be difficult to now get up to speed in this short time frame to make an informed decision about what to do & where to put the money. I don’t feel like I’m any sort of an expert, but it seems I have a leg up on several who are wrestling with this.