Your Retirement Needs To Be Protected From These Predators

Richard Long

Imagine your career winding down and being presented with these two offers: $1,500 a month for the rest of your life, or a $350,000 lump sum that you can use however you see fit. Which would you choose? How would you make sure you lived comfortably for the rest of your life?

In 2002 Phil Ashburn, working for what was at the time Pacific Bell telephone company, was presented with just this choice. He spoke to a financial adviser who had done business with Pacific Bell, and based on her advice decided that the lump sum was his best chance to make sure that he not only had enough money to live well, but could also leave some money behind for his family. The adviser assured him he’d “never go broke, always have money.” He placed his money in an account she recommended and chose to take out $2,700 a month.