Retiring with a traditional pension is a financial win, putting you among the lucky minority of Americans with such income. But your most important decision is still ahead of you. If your employer asks you to choose between guaranteed monthly checks and a lump-sum cash buyout, opting for the wrong payment type could cost you thousands over your lifetime.
"Everyone's situation is a little different," says Thrivent Financial Advisor Jason Rogoff. "You have to analyze the situation and look at what other assets people have, what other streams of income, their age and health."
