Your Genes Decide Your Pension Plan

Genetic destiny rears its head even when you’re considering retirement plans.

Here’s an excerpt of Eric Tyson’s personal finance advice to someone who’s considering monthly pension payment for life or lump sum.

What is your health situation and family longevity record? If you have a major medical problem or reason to believe your genes destine you to fewer golden years, one advantage of the lump sum is that you get all of the money to use sooner if you choose and/or can leave the remainder to your heirs. The pension lasts only as long as you do (and reduced benefits as long as your spouse does).

So when you’re basking in your golden retirement, don’t forget to send me a virtual thank you.

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