Oh, they said the lump sum payout would be actuarily equivalent to if he took the benefits at age 65. Don't take their word for it. Find out the amount and then do your own math. The amount they might give you in a rollover could be tiny compared to $4800 a month you could take now - and invest that money if you don't need it.I've run a number of these calcs over the years and one solution is not always the best. The most recent case I reviewed was a good example where the person was far better off leaving it in the pension and taking income from the state than rolling it to an IRA and taking income now or in the future. I simply could not beat what the state was going to pay the person guaranteed - so I advisded her to take the annuity from the state.
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