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We've just been informed that we will have 1 month to decide what to do with my husband's former employer's pension plan. We can:

1. Do nothing and take pension benefits when he turns 65 (he is 47 now).

2. Begin taking a monthly annuity payment in a couple of months.

3. Take a lump sum payout in a couple of months. (We could put this money into an IRA.)

They haven't given us any particulars about the amount yet. I don't really like the idea of depending on a former employer to keep their promise on a pension benefit 20 years from now. It is a large company, but they may or may not even be in business then, who knows. Here are a few questions we have:

a. Is there general wisdom about what choice would be best?

b. Is a bird in the hand worth two in the bush?

c. Are there some calculations we can do to figure out what option would be best?

Sorry if these are stupid questions. Just feeling kinda panicky about having only a month to make a decision that involves our future and retirement.

Thanks for any advice!
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