is there a place that will cash out my pencion?

Question

along the lines of an annuity or settlement.

Answer 1

Pensions most likely are paid in the form of an annuity ( or some variation thereof) so forget that. Youll end up paying a middleman to give you what you already have.

Now as far as cashing out, if you have not yet begun to receive payments you may be eligible for a lumpsum payout. Of course, it will be fully taxable now at a higher rate than if you take it over several years.

If your pension has been annuitized already, that is you have begun receiving payments for your life expectancy, you may have a hard time finding anyone willing to cash you out based on your health. And even if you do, count on a terrible deal from your side because of the risk they will incur.

Besides that problem, you have the fully taxable now issue here also. On top of that, what do you plan to live on once the cash is gone.

Unless there is more that you have not told us, such as you have 6 months to live this is not a good idea any way you look at it.

Answer 2

You sometimes have the choice when you retire to cash out your pension. If your plan doesn't have that option, then you can't. It depends on your plan, so ask your employer.

If you take payments, then your employer or pension plan holder with most likely buy an annuity for you and the monthly payments will be made from there.

Answer 3

there are places advertised on TV (some law firms) that will "buy" your annuity or settlement and give you cash. They will keep almost half as their fee, but you will get an instant cash settlement instead of an annual payment.

Answer 4

No sure I understand you. Essentially, a pension is an annuity.