Should you take a $2,400-a-month pension for life or a $410,000 lump sum? That's the question of the week on The Get Ready for the Future Show.
Call us at 866-653-7526 (866-653-PLAN) or book a time at getreadyforthefuture.com to talk through your own situation.
On this episode:
– Pension or lump sum: how do you decide between $2,400 a month for life and a roughly $410,000 rollover?
– Does "85% of my Social Security is taxable" mean you lose 85% to taxes?
– We're 44 and 42, saving $60,000 a year, and want to step back around 55. How do we build a real timeline?
– Plus our What's Happening segment: Dave Ramsey's three retirement mistakes, three reasons not to claim Social Security at 62, and why 401(k)s are better at accumulating than distributing.
Timestamps:
00:00 Welcome to the Radio Hour
01:25 Dave Ramsey's three retirement mistakes: debt, retiring early, Social Security as the whole plan
09:56 Three reasons not to claim Social Security at 62
16:24 The 401(k) and IRA withdrawal problem
23:01 The Get Ready for the Future Show begins
24:09 Is 85% of Social Security taxable? Roth conversions and tax planning
31:20 Pension or lump sum: $2,400 a month vs. $410,000
39:35 Can you step back at 55? The rule of 55 and retirement timelines
46:44 Monte Carlo stress tests and closing thoughts
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