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Say, for example, you’re 55-years-old and have been offered an early retirement package that comes with severance pay of $100,000. Should you take the lump sum and do what you can to make that ...
Early retirement could work out well There are certain challenges that come with retiring at age 58. For one thing, if you need cash, you may be subject to a 10% penalty for an early IRA or 401(k ...
Let’s assume you have no cost of living adjustments on the pension annuity or rate of return on the lump sum payment. Then, at $462 a month and $5,544 annually, you need to reach 8.65 years to ...
Taking early retirement lowers your monthly payout, while delaying it could increase your monthly benefits. Full retirement age is now 66 to 67 for Social Security.
For example, you might choose to take 30 percent of your pension as a lump sum and convert the remainder to an annuity. This approach can provide flexibility while also ensuring a steady income ...
The earlier you would receive a lump sum payout, the more it will be worth to you […] The post Should I Take a $48,000 Lump Sum or $462 Monthly Payments for a Pension Annuity? appeared first on ...
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