I'm 61 years old, recently retired and need to decide how to take my pension from my former employer's pension fund.
This is a church-affiliated hospital system pension fund in the USA and is therefore excluded from federal protections through ERISA and has already had to borrow money to fund the pension plan, so I am unsure how secure it will be in the future.
I can choose from several options with monthly annuity payments or take a lump sum and invest the money myself. I will need to have a steady income source for likely the next 30 years.
I also have a 403B personal retirement account and I was wondering if I were to take the lump sum whether I could roll over my 403B into an IRA and add my lump sum from my pension and invest in dividend stocks to provide an income stream and protect my principle.