Taking lump-sum distribution instead of annuity is a big mistake

03/14/2014 | Chicago Tribune (tiered subscription model)

Many retirees take a lump-sum distribution instead of an annuitized income stream because they mistakenly believe they can do a better job of managing the money, says Helen Simon, a financial adviser and college instructor. She says this is similar to lottery winners, "who overwhelmingly take the lump sum only to end up broke and often in debt."

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