Should you take a lump sum or annuity for retirement?

This article is reprinted by permission from NextAvenue.org.

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.

About a fifth of retirement plan participants (21%) MetLife surveyed who received their pensions or 401(k)s as lump sums depleted that money — in just 5½ years, on average. And among those who took a lump sum from a 401(k) and didn’t get a pension, the money ran out in four years, on average, according to the MetLife Paycheck or Pot of Gold Study (though the sample size for this particular statistic was small).

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