Easy Seniors Life

15. Cashing Out Your Pension

Your financial advisor might try to convince you to cash out your pension from a former employer. Unless you really need the money now, this is mostly in the interest of your advisor, who could make tens of thousands in commission, according to Time Money.

According to the Pension Rights Center, you should consider a one-time, lump-sum payment from your employer if you’re sick, your life expectancy is short or you don’t have a surviving spouse that will need to rely on lifetime income. But generally, try to avoid cashing out your pension.