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The lump-sum payout is less when interest rates go up. The annuity basically stays the same.

He thought of that, unfortunately he needs the money.

Pension and SS cover his expenses with a little leftover, he just doesn't have a nestegg to speak of. Thanks.

Right. It's just such a hard decision. I feel for him.

Nothing imminent, but unable to work. Hopefully in retirement his health will improve significantly

Yes, that's exactly why. The annuity of $2037/mo. stays the same.

Update So my friend just turned 62 and got the revised payout numbers. Not good. 418K went to about 335K. Would any of you change your advice? Needless to say my friend is pretty upset. Also, wasn't sure if I should resume this thread or post a new one. Thanks.

My 66-year-old sister died this year from pancreatic cancer, and her daughter was just diagnosed with ovarian cancer. She and her family lived at Camp Lejeune for several years in the late 70s. It does make me wonder.

Sorry to hear about your health issues. Does being approved for disability mean that you will get Medicare early?

Thank you. I did read it.

No COLA

Right. $1565 at age 65.

I have an update for anyone who may be interested. Just received the actual numbers from employer. $234,353 lump, $1,593.24/mo at 65, $792.52/mo immediate annuity. I will take the lump as I'm am trying to retire at 62. I currently do not have an IRA and will have to open one to do a rollover...

I will never check a bag again!! I returned July 3 from a 16 day trip to Europe, arriving at London's Heathrow and departing from Amsterdam's Schiphol. No problems departing U.S. or arriving at Heathrow despite large crowds. Big crowds pretty much everywhere, but not big enough to take the...

You can also use your tax refund to purchase an extra 5K.

Thanks for your detailed responses. I'm actually not completely averse to annuities, I just don't think it's the right thing for my friend.

I'm definitely going to push him to do this. It would change his whole financial picture!

Thanks for the advice. I'm liking the idea of delaying SS too.

I actually suggested that more than a year ago, but for some reason he was hesitant. He thought his doctors would be able to help him, but that is not the case. It's crazy to me that you would need a lawyer for disability with the kind of issues he has. My ex has been diagnosed with a fatal...

That was my thought too, but someone here mentioned long-term care which is something else to think about. Having a pension might be better in that case.

Thank you. Can this be done after he files for SS? I doubt he will want to spend the energy before he leaves the job.

Right! I didn't get why they are listed as an IRA??

Thank you. No COLA for the pension. I agree that the FP is not evil, but I do question if he truly has his client's best interest at heart.

I think having access to the principal will be somewhat of a relief to him. He was worried about not having enough cash.

He has been denied disability, which is infuriating, and he just doesn't have the stamina to fight it. How do you keep cash in the bank without taking a tax hit?