Cashing Out Your Pension

If your financial advisor recommends you to cash out your pension from your former employer, but if you don’t actually need the money right now, following his advice might not be the best idea. That’s because he will be the one that would benefit the most from this action and make thousands of dollars in commission.

According to the Pension Rights Center, the only time you should consider cashing out a lump-sum from your employer is if you’re ill, your life expectancy is short or you don’t have a surviving spouse who will depend on a lifetime income.