Ep. 172 - Should You Rollover Your $1 Million Pension Into an IRA? (Ask the CFP®)

What if you were faced with this difficult decision - You can either get a payout for the rest of your life or you can get a big fat check once?   Don't worry, you don't have to make this decision alone, that is what I am here for!   I received this question from a reader, Jared:   'I have worked with my company for over 27 years this Spring. I am one of the lucky ones that have been given a very generous pension and a 401k plan.' …. 'My pension should be more than enough to take care of my wife and I.  I am almost 60 and I have the option to roll my pension over into an IRA.'   'Should I roll my pension to an IRA or leave as is?'   04:28 IRA rollover options 06:54 Annuitizing your pension 08:01 Borrowing against an IRA 09:08 Pension payout options 10:51 Tax Liability  12:49 Working with a professional   Resources: Pension Benefit Guaranty Corporation: https://www.pbgc.gov/ CFP Board: https://www.cfp.net/ https://wealthhackerlabs.com/ask/   Check out my YouTube channel here. Follow me on Twitter and Instagram.