I just turned 60 working in the Oil & Gas industry and I'm about to retire, I have the option to take a lump sum payment or a pension option that will give me a monthly paycheck. Which should I take? If I take the Lump Sum option will I be jeopardizing my retirement peace of mind? Will my Pension be taxed as normal income? In this video, Jessica Cannella will answer all of your questions on the hot debate of lump sum vs pension.
00:00 Our General Question 00:24 Houston’s Hot Question 01:04 Defined Benefit Pension Plan 01:55 Lump Sum Vs Lifetime Annuity 02:20 Speaking to a Financial Advisor 02:41 Your Decision is Irrevocable! 03:35 Holistic Approach 04:31 Payout Options 05:30 Pension and Flexibility 06:55 Benefits of a Lump Sum Payout 08:00 Lump Sum into an IRA 08:42 Pensions are Taxed as Income! 09:55 Your age and Lump Sum 11:00 Spousal Election 11:45 Survivorship Series 13:05 Lump Sum and Peace of Mind 13:19 PBGC 14:49 Fixed Index Annuity and Lifetime Guaranteed Income 16:13 Let Us Set Up your Retirement Plan!
Do you need a Retirement Success Plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177 or fill out this form for a free consultation: https://click2retire.com/lumpsumorpension
More about Jessica Cannella, Co-Founder and President:
As the Co-Founder and President of Oak Harvest Financial Group, Jessica’s mission is clear. Educate, inspire, and financially prepare couples and individuals to enjoy a fearless and fulfilling retirement. With almost two decades of experience in retirement planning, Jessica’s objective is to alleviate the stress around investment management and financial planning.
