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.
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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) 4040177 or fill out this form for a free consultation: https://click2retire.com/lumpsumorpen...
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More about Jessica Cannella, CoFounder and President:
As the CoFounder 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.
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