Believe it or not, we still get a lot of questions about pensions. Just because there aren't many private companies that are still offering pensions, there are still many people that had them at a job 20 years ago and they have a choice to make or they are retiring from a state employee job. Whatever the case, one of the questions that people are trying to work through is do I take the lump sum on this pension or do I take the monthly income for the rest of my life?

Heath Grossman, CFP® joins the podcast to walk us through that conversation because the answer won't be the same for everyone. It needs to be a part of the broader retirement income plan and we'll share a look into how to determine the best answer for you and your family.

Here's some of what we discuss in this episode:

• What type of person would benefit from the lump sum over the monthly payout and vice versa.
• How to utilize a hybrid approach to get the best of both worlds.
• Pension plan payouts are different and that could impact the decision.
• How does the interest rate environment change the decision?

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