Rethinking Retirement: How should you take your pension?

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ST. LOUIS – Some companies offer their retired employees a pension, but should you get a lump sum or a monthly pension?

Marvin Mitchell, senior financial planner and president of Compass Retirement Solutions, said a person’s relationship status could be a key factor in this decision. He said the “single life” monthly pension will give a person a higher amount of money, but once they die, that pension goes away and their spouse and kids wouldn’t continue to receive payments.

Another choice is the 50 percent spousal continuation option. This sets it up for a person’s spouse to get 50 percent of those benefits once the recipient dies. But this lowers the monthly amount while the person is alive.

The lump-sum pension is the riskiest.

Get Mitchell’s free book by visiting

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