Updated August 7, 2026. Quick answer: a pension election is usually irreversible, time-limited, and worth more than the portfolio decisions that follow it. Lump sum or annuity, which survivor percentage, and when to start are one linked decision — and the interest rate used to price your lump sum moves it materially.
The questions that decide whether they understand this
- “What discount rate is my lump sum being priced at, and what happens if rates move?” The lump sum is the annuity valued at a rate. If they cannot explain which rate and when it resets, they cannot tell you whether waiting helps.
- “What survivor percentage actually costs, in dollars, for us?” The election is priced against two lives, not one, and the cheapest option is rarely the right one when there is an age gap.
- “Is the plan insured, and to what limit?” The answer changes how much the annuity option is worth relative to taking the money out.
- “How does this interact with Social Security timing and the tax year?” A lump sum landing in one year can move brackets, IRMAA, and the value of delaying a claim.
What a good one looks like here
Someone useful here will ask for the election paperwork and its deadline before anything else, and will price the survivor options in dollars rather than describing them. They will also tell you when the annuity is the better answer — an advisor who always concludes “take the lump sum” is describing their own business model, because a lump sum is the only outcome that produces assets to manage.
Run the lump-sum versus annuity comparison yourself first, so you arrive with a number rather than a question.
At $750,000, a tenth of a percent is $750 a year.
That is the whole argument for getting more than one quote. Take the figures above into the conversation and ask each firm what they would charge on $750,000, all in, and what that buys beyond investment management.
Before you start, what actually happens. The matching service is run by WiserAdvisor, an independent advisor-matching company. It opens on their site, asks for your ZIP code and a few questions, and matches you with 2 to 3 vetted advisors. It is free to you.
WiserAdvisor states the service is built for portfolios of $250,000 and above. By submitting, you consent to emails, phone calls and text messages from WiserAdvisor and up to three advisors, so expect to be contacted. Clear Money Guide is paid when you complete the form, whether or not you ever hire anyone.
Compare fees, scope, conflicts, credentials and fiduciary duty before you hire anyone. This is not the only way to find an adviser.
Opens on WiserAdvisor’s site in a new tab.
The rest of the work this touches
How interest rates change your lump sum · the 20% withholding trap · when a plan can refuse to pay one.
Before you hire anyone
Write the election deadline down first. Everything else is decided against that date. What advice should cost is worth reading before you agree to anything ongoing — this is bounded work, and it should be priced that way.