What are My Pension Options in Madison, WI?
Pensions vary from company to company, but the decisions are always the same. When it comes to retirement, do you know how to use your pension wisely? The financial planners and professionals at Retirement Income Strategies offer pension advice and alternatives so you can reach your goals in retirement. Whether you plan to travel or live it up in Madison, WI, call Retirement Income Strategies for private pension planning.
Should I take a Lump Sum or Annuities?
When you start planning for retirement with a pension, the big question in mind may be whether you should take a large lump sum or an annuity. Like every financial decision, this comes with a handful of pros and cons you’ll have to consider for your own unique situation. Not sure where to start? Call the financial advisers at Retirement Income Strategies for a consultation.
Pros and Cons of Cash Annuities
Cash annuities split up your pension over the course of your life. So while you’ll get a smaller sum with every payment, these payments are meant to last the rest of your life. These payments are calculated to supplement the income you would have had while working. If the estimated sum is enough to fit your budget from month to month, this may be a good option for you. However, you may want additional resources like an IRA account in case of emergencies.
Pros and Cons of the Lump Sum
If you already have an investment plan or stocks you’d like to strengthen, taking the lump sum might be a good strategy. This pension option gives you more control over more money, but could easily be drained if it isn’t invested or spent wisely. Living the good life in Madison sounds great until your lump sum runs low before you truly need it as you age.
Get Pension Advice from Retirement Income Strategies
Even if you have a rock solid plan for retirement, it’s always a good idea to get a second opinion from the professionals. The financial advisers at Retirement Income Strategies provide advice, options and planning for your pension. Curious about pension alternatives? We can help with that too. Schedule a consultation today by calling 608.208.1800. We serve the entire Madison, WI area with quality financial and pension planning. Learn more today.