This week’s article caught my eye when it said “It turns out, many retirees choosing to take their employer’s 401(k) or pension as a lump sum for retirement are taking their lumps.” A survey reported in the article stated that about a fifth of retirement plan participants surveyed “who received their pensions as a lump sum depleted that money in just 5 ½ years”. The reason is apparently what they call the “lottery affect”, where retirees “get more money than they’ve ever seen in their life and say “Wow! I can do something I never could when I was working!”. Call us if you are faced with this situation. We can help you start to think about your retirement plan “not as a pot of gold, but as money that has to last as long as you do in retirement.” We are always here to help.

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