Question about collecting a pension or taking a lump sum

[A HERETIC I AM]

14. I would absolutely consider an annuity.

They get a bad rap from a lot of people, especially on DU, but the fact is they can be the perfect vehicle if you are looking to have a stream of payments over a long term.

This question is frankly best answered by a financial professional you trust who knows you and your wife's situation and tolerance for risk.

You have many choices of what to do, some with a large amount of risk and others with very little, so it is of primary importance to make a wise choice that allows you and your wife to sleep at night.

It is almost always a good idea to pay off high interest debt FIRST, as this has an immediate effect on your bottom line. If you have none, and your mortgage is paid off, then choosing an investment that is safe and will GUARANTEE (as much as is possible) a stream of income that won't go away is something worth considering.

A lot of people shy away from or will recommend against annuities, but I've found that is largely because they have looked at one or two or 3 and found something they didn't like and that was it - they were convinced no annuity is any good. Nothing could be further from the truth. In her later years my mother put every investable dollar she had into one and it worked perfectly, giving her a steady check every month that increased annually and when she passed away there was a payout that went to her heirs.

There are plenty of large insurance companies that have been around for decades, if not well over a century, that offer them.
It is something worth looking into.