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In a few months I'll be eligible to begin taking monthly pension payments from a former employer, as part of an early retirement benefit.

I'm still working and plan to retire in about 4 years at age 58.

The value of the monthly payment is about 30% of what it would be if I waited until normal retirement age = 65.

If I start taking this year, of course it will be added to my regular income and I'm already in a high tax bracket - versus if I wait until after I retire, when I expect to have much lower income.

There is no lump sum option, nor is the pension adjusted for cost of living.

My inclination is to wait at least 4 years at which time, it will be a larger payment and taxed at a lower rate.

Anyone see any flaws in my analysis or have any suggestions? thank you.
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