There are a variety of things to consider when faced with a pension buyout offer. Should you take a lump sum, a monthly payment or reject the offer entirely?
At Shard Financial, our advisors have more than 40 years of experience in the financial services industry. We have helped many clients sort through the complexities that arise when a company offers a pension buyout.
While no one has a crystal ball, there are some things that should be taken into account when faced with a pension buyout offer, such as age, ability to find a new job, life expectancy, retirement, taxes, IRA rollovers and even Social Security.
Spousal continuation options also are important and are often overlooked. When a pension recipient dies, his or her spouse can not only lose or have a reduced income from the pension, but will also lose one of the Social Security incomes that the couple was receiving.
Our financial planning involves running these complex scenarios, so if either spouse dies, both can be protected.
For help during life’s toughest financial transitions, call our office at (810) 714-5566.