My wife is 12 years younger than me (I'm 54). I'm thinking of retiring in 2/3 years and am curious as to whether I should take a lump sum or annuity, given my wife's potential to outlive me by several years. At present i have a $530K 401K, and either $430K in lump sum retirement, or a $2,700 per month pension (straight life). I'm not sure how much this amount would be reduced when factoring in my wife.
I've always leaned towards a lump sum, but now I'm having second thoughts because of my wife's age.
Any thoughts??
I've always leaned towards a lump sum, but now I'm having second thoughts because of my wife's age.
Any thoughts??