Question about collecting a pension or taking a lump sum

[PoindexterOglethorpe]

22. I am frequently astonished at the trashing of annuities here on DU.

Some years ago my financial advisor (another dirty word here) had me purchase two different annuities. Okay, so they were ones that I purchased outright, paid a relatively large sum of money for each annuity. And they started paying out about five years later.

Right now each annuity is worth less than what I originally paid, but both are still paying out a monthly income that is excellent, especially compared to my original investment.

Apparently, exactly when someone purchases an annuity makes a huge difference. My financial advisor has said that the annuities I hold are simply no longer available.

Something else I want to say. I frequently read here and elsewhere, that no one should ever go into retirement still holding a mortgage. Really? What if you get divorced, as I did, at age 60, and now want to purchase a home? I could theoretically have used every single penny I had in an investment fund to pay for the house, but then I'd have had zero money. Instead, I sensibly took out a mortgage. I often state that my mortgage payment is well within my means. Actually, I've been putting an additional $300 each month for the past two years or so, and have cut a reasonable amount of time (and interest) off the mortgage. And again, even if I weren't paying extra, I can afford my mortgage.