No. of Recommendations: 8
One more thing to think about with regard to a pension.

You are mentally & physically pretty sharp right now, and will be for quite some time. But, there will come a day when both you and your wife start to decline.

I have read a lot of stories about people being swindled out of their entire portfolio later in life. If you take a lump sum, you can lose it all in any number of ways. If you take a pension, you might lose current income to a shyster, but you can't lose future income.

Basically, you will be "moderately afluent" without working at all for the rest of your life, guaranteed, if you take the pension. The game is over and you have won.

If you need the "thrill of the chase" set up some kind of business and run it in retirement. Or develop a serious hobby. But don't risk everything by taking a lump sum.

Old One

Who has a similar situation, but does have a portfolio also.
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