Jill on Money with Jill Schlesinger Lump Sum or Monthly Payments?
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Sep 1, 2025 In this discussion, the hosts assist a listener in navigating tricky pension options. They weigh the benefits of lump sum payouts against monthly payments, shedding light on how each choice affects long-term financial security. The conversation highlights the need for careful consideration of individual circumstances and financial goals. Additionally, they touch on the importance of estate planning and seeking professional advice to ensure peace of mind in retirement. The session is full of practical insights for anyone approaching retirement.
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Family Financial Picture And Pension Choice
- Ron describes his family's finances: high income, wife on long-term disability, $2.2M in traditional accounts, $260k in Roths, and other pensions.
- He explains the pension options his wife faces and their monthly needs around $11,000.
Prefer Lump Sum For Survivor Security
- Jill leans toward taking the lump sum because it secures assets for the survivor if something happens to the spouse.
- She advises using saved retirement funds and delaying Social Security to optimize income and taxes in retirement.
Why Expert Opinions Can Change Over Time
- Jill notes her prior bias toward pensions shifted after seeing pros of lump sums for heirs.
- The perspective change highlights how context and survivor needs can change the default recommendation.