I currently have the option of taking my 32 year pension as an annuity (with or without survivor benefits) or as a cash balance lump sum that I could combine with my 401k. This total of a 401k and present pension lump sum value is currently around 570K. Hopefully, in 2 more years at age 55 I can retire. Should I take a cash buyout and combine it with the 401k to develop a monthly annuity payout at 59 1/2 or should I take the immediate benefit of a regular monthly pension from my employer?I am trying to plan ahead a bit. My wife (a teacher) wants to retire at 55 when I do and will have a monthly pension available at age 62 of approximately $1100 month. (This is also the same time I will be eligible for SS) Maybe I should take all this to a local CFP which I have not done yet.
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