A planner can help you sort it out. Also, readers ask about small estates, the windfall elimination provision.
I need advice on choosing between a lump sum retirement benefit and a monthly payout till death . The monthly payout option also includes health insurance benefits but the lump sum option does not.It’s hard to imagine a better option than a guaranteed, inflation-adjusted stream of income for life — particularly if that option includes retiree health insurance benefits, which are increasingly rare.
If you take the lump sum, you’ll be responsible for investing the money with no guarantees that you’ll get as much as if you’d picked the payment option. A bad market or bad investments could dramatically reduce your nest egg, as could fraud or improvident spending. Even if you’re a good investor now, there’s no guarantee you’ll remain so. Our financial decision-making abilities tend to decline with age, although our confidence in those abilities often remains high — a truly scary combination.The devil’s always in the details, though, so take the paperwork describing these options to a fee-only, fiduciary financial planner so you can get customized advice based on your situation.
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