Are You Better Off Taking the Pension… or Buying an Annuity Instead?

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If you’re approaching retirement and you have a pension, you’ve probably wondered:

“Should I take the pension payout… or would I get more income by moving that lump sum into an annuity?”

This is one of the most common questions retirees bring to me. And the truth is: sometimes the pension is the better deal — but most of the time, today’s private-market annuities pay significantly more.

Let’s break it down clearly and simply so you can compare your options with confidence.

Pension vs. Annuity: What’s the Real Difference?

A lot of retirees don’t realize:

A pension is an annuity.
Social Security is also an annuity.

They’re all structured the same way — a guaranteed income stream you can’t outlive.

The difference?

Your company’s pension = one option

The private annuity market = thousands of options

That’s why so many retirees reach out to me before they “flip the switch” on their pension. They want to know:

Is my pension’s payout competitive?

Is the joint payout for my spouse any good?

Would a private annuity pay more for the same lump sum?

-And the answer, in most cases?

💡 Most pensions today pay much less than a high-quality private annuity.

(But not always — and when your pension is the best option, I’ll tell you.)