Community Chat

[heart of savino]

would you rather have a lifetime monthly pension or a IRA  with 300,000 dollars

retiring at 62 years old..

[Allegheny]

For me that would depend upon what the pension would pay out each month.  Also at what age the pension would start.

[SilleeMee]

When I was 47 I became disabled and started receiving an early retirement income which was state retirement fund (PERA). I had a considerable IRA account at the time and withdrew it in its entirety to pay off my house. Now 61, I don't have to worry about a mortgage.

[151949]

I'd need to know the details of the pension.Every pension is different.

 Right off the top of my head though I'd say the IRA.

[kaydee50]

Yeah, it would depend on how much the pension is.  $300,000 is not a lot of money if you're going to live another 20 or 30 years.

[Catty2]

Not sure how I would answer your question without more information.  I feel very fortunate to have 2 pensions and an IRA (not nearly as much as you stated) plus Social Security.  Waited until I was 65 to retire to get Medicare.      

[Allegheny]

Also the type of IRA, Traditional or Roth plays a big role.  

[itsmagic]

Having a pension is not always guaranteed to exist until you die nowadays.  And $300,000 isn't a lot if you live another 20 or so years. So it's hard to choose. 

[tansy]

Usually I'd take the pension and run but there's not enough info in the OP to make a decision.

[hckynut]

I always prefer handling money and don't trust promises. Give me the 300 grand every time. I ain't into gambling with my money.

hckynut(john)