consumers who are approaching retirement and are having trouble deciding whether they should opt to take their pensions in a lump sum or in monthly payments. Consumers are advised to examine their company's financial health, examine their own physical health, think of their spouse's age and the...
consumers who are approaching retirement and are having trouble deciding whether they should opt to take their pensions in a lump sum or in monthly payments. Consumers are advised to examine their company's financial health, examine their own physical health, think of their spouse's age and the...
Understanding how pensions work and what options are available to you can help you make informed decisions about your retirement savings. In this article, we will explore the different types of pensions, the concept of pension vesting, and what happens to your pension when you leave a job. We...
To decide which type of payment is a better option, you need to evaluate your personal situation. "Typically, your options are you can take a lump sum distribution, or you can take payments over your lifetime," says Rich Ramassini, director of strategy and sales performance at PNC ...
For instance, if you move the money into an IRA at a mutual fund group, you can initially put it all in the group’s money market fund, and then take your time deploying it among other funds in the group. The temptation may naturally arise to spend a lump-sum distribution on something...
Life insurance provides several key benefits that can help protect your loved ones and provide financial security. Here are some of the primary benefits of having a life insurance policy: Death Benefit: The death benefit is the primary benefit of life insurance. It is a lump-sum payment that ...
The question remains though: How much should you save? Well, ultimately, it depends. A common rule of thumb suggests saving anywhere from six to 12 months’ worth of expenses, but you may need more depending on your situation. If you can’t afford a large lump sum right now, you might...
However, should you opt for a lump sum withdrawal from your pension fund, you must conclude the purchase process at least three years before retirement. What you should know Pension certificate: everyone insured by a pension fund receives an annual pension certificate or pension fun...
Continued tax-deferred savings– You still get to earn tax-deferred savings until you take the money out. Keep accounts together– If you have 401(k)’s from previous employers, as well your own IRA, you may want to roll everything into one IRA so you can better manage your money. Wit...
How Can You Protect Your Pension When Divorcing? A pension earned by one spouse is looked at as a joint asset. This means your spouse may be entitled to half of it after divorce. You canprotect your pensionby reviewing your pension plan's rules for how to divide the pension, propose fin...