The answer depends mainly on your financial situation and goals, but also the
fiscal health of the pension plan.
Do you have enough income from other sources to cover basic expenses?
If the company from which you receive pension benefits defaults on monthly payments, the Pension Benefit Guaranty Corporation, a U.S. Government Agency, may only pay a portion of the monthly benefit.
If you do elect to take a lump sum pension payout, you are eligible to roll the proceeds directly into a traditional IRA to defer taxes.
Disclosures: No strategy assures success or protects against loss. Past performance is no guarantee of future results. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.