What to do with (small) pension benefit?
DH & I are relocating and just left our jobs at a health care company which still (at the time we were hired at least) has a pension/annuity benefit. So we had only been there 8 years & 6 years, and we are not anywhere near retirement age. Here is what our options are (this is for my DH, mine will be slightly less):
(1) take lump sum of ~ $21K (not including what will get taken out for taxes)
(2) receive $84/mo starting immediately
(3) receive $834/mo starting 2027
The $834 sounds nice, but there is no guarantee that the pension would be around by then, right? Should we take the $ now and invest it in our own way (most likely mutual funds & Roth IRAs)? What do you all think?
Thanks for your thoughts-