Expert Retirement and Financial Advisor Mark Kinney Discusses Lump Sum Vs. Monthly Payouts for Retirement Pensions
Seasoned retirement and financial strategist, Mark Kinney, discusses a strategy for securing and retaining control of your pension funds while many pension programs are on unstable ground.
Lee, Massachusetts—May 31, 2016—Founding partner of Toole, Kinney & Company, Inc., Mark Kinney, CFP®, published a new article entitled, “Pension Payments: Monthly Payout or Lump Sum?” In the article, he encourages readers to think through the advantages and disadvantages of drawing a monthly pension payout or a lump sum. He suggests that taking the lump sum from an employer and setting up an annuity could be a wise alternative, given that many pension programs are falling by the wayside.
Mark writes, “While there are many ways to generate income (dividends, interest from bonds, REITs, Limited Partnerships, etc.), none of them are guaranteed. As such, due to the heightened uncertainty of the markets, I’m increasingly leaning toward annuities for this component [pension payouts] of income. Now, I know what you’re thinking… ‘Yuck, I don’t like annuities!’ Traditionally, I’m not a huge fan either. However, in this instance, when attempting to generate a source of guaranteed income, I am a fan of protecting a small portion of your assets in a very specific type of annuity.
One that will not only generate an income that will last as long as you do, increase in the years ahead, and provide your spouse a level benefit, but – and this is key – will also enable you to maintain access to and control of your money while doing so.”
The entire article can be found HERE http://www.kinneywealth.com/pension-payments-monthly-or-lump-sum/
About Mark Kinney:
Mark D. Kinney, CFP®, has been advising clients for close to 30 years on how to maximize their retirement income in a sustainable, repeatable, and verifiable manner, while minimizing risk exposure to the daily turbulent financial markets. His keen insights into conservative and income generating investment options have been invaluable to those approaching or currently in retirement. In addition to his decades of experience and financial know-how, he held Series 7 and 63 FINRA Securities registrations for over 25 years, holds several insurance licenses, and has held the Certified Financial Planner ™ (CFP®) designation in good standing for 20 years.
After a successful career with a number of reputable financial institutions, Kinney established Toole, Kinney, & Co., Inc., in 1999. Kinney has been cited on such national news outlets and financial publications as CNN.com, Fox Business, NBC, Wall Street Select, and The Miami Herald. He remains active in several area charities, has participated in several marathons, including the Boston Marathon in 2013 and 2014, enjoys all activities outdoors, and currently lives in Stockbridge, Massachusetts.