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The letter no doubt arrived unexpectedly.

A company you once worked for has an extraordinary proposal for you. You are due a monthly pension when you hit retirement age, but the company is offering to pay you a hefty lump sum right now to buy out your pension.

Put Your Pension to Work

Do nothing, and your pension situation continues as is. Accept the buyout, and you'll have a large chunk of money to invest toward retirement. But you can no longer expect to get that monthly check the company had promised when you retire.

Suddenly, you have a major financial decision to make that could have a significant impact on your retirement.