Beware Advice on Lump Sum Offers

If your pension plan gives you a lump sum option, get two or three opinions before taking the money.

Thanks to recent pension changes announced by the giant automakers General Motors and Ford Motor, tens of thousands of retirees are struggling with the complex choice between a lump-sum benefit payout and traditional monthly pension checks. They are also confronting a more unsettling question: Who can they trust for advice on this potentially life-changing decision?

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Eleanor Laise
Senior Editor, Kiplinger's Retirement Report
Laise covers retirement issues ranging from income investing and pension plans to long-term care and estate planning. She joined Kiplinger in 2011 from the Wall Street Journal, where as a staff reporter she covered mutual funds, retirement plans and other personal finance topics. Laise was previously a senior writer at SmartMoney magazine. She started her journalism career at Bloomberg Personal Finance magazine and holds a BA in English from Columbia University.