Common Sense Financial Podcast: Mindset & Growth

How do you pick between a lump sum payment from your pension and an annuity? A lot of that decision depends, but if you want to have control over your financial assets, a lump sum is often the better option. Find out when you should take a lump sum option instead of an annuity, why insurance is one of the most important pieces of the puzzle, and how to ensure your family doesn’t lose out either way.  The choice between a pension annuity and a lump sum often comes down to which provides the greatest income, but that’s not the only factor you need to consider. We're seeing fewer and fewer pensions than we did 20 years ago because of the systemic issues with defined benefit programs. They are often replaced with defined contribution programs like 401(k)s. People used to retire at the age of 65 and could expect to live another 10 to 15 years on average. Today, people are retiring sooner and living longer than ever, and that is making the traditional approach to retirement unsustainable. Historically, pensions ai