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Lump sum is the prevailing wisdom. I did see a piece from a financial adviser a while back who advocated taking the annuity. The reasoning is that people tend to blow through the lump sum way too fast, and they an external control helps curb the tendency.
That said, with the kind of payout that currently stands, you could easily put 2/3 of it away in a tax free municipal account and live extremely well off of the dividends alone. And you would still have the principal to pass down to your family. Take the remaining 1/3, go nuts, and get it out of your system.
That said, with the kind of payout that currently stands, you could easily put 2/3 of it away in a tax free municipal account and live extremely well off of the dividends alone. And you would still have the principal to pass down to your family. Take the remaining 1/3, go nuts, and get it out of your system.
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