Author: Dori Zinn

Major financial decisions aren’t easy, especially as you’re mourning the loss of your partner.

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• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

You need to figure out which choice is better for you — taking a lump-sum payout now or claiming your husband’s pension every month for the rest of your life. You may also have the option to wait and receive a bigger survivor’s benefit in the future.

Before you decide, consider the pros and cons of each option carefully.

Pros and cons of taking a lump sum

For some, especially those with confidence about managing money or serious financial needs in the short-term, taking the lump-sum payout may be the better choice.

This option gives you complete control and flexibility with the money immediately. You can save it, spend it, gift it or invest it. This money could have a big impact on your life. You can use it to build a nest egg for your retirement, buy long-term investments, bolster your emergency fund, or pay down expensive debt. By taking a lump sum, there’s also a good chance of leaving something behind for your loved ones upon your death.

The potential for growing your wealth is significant — if you put the entire $89,000 into an S&P 500 fund or another relatively safe investment, and we assume it provides a 6% average annual return, you will have $213,293 in 15 years thanks to the magic of compound interest.

But you have to make careful choices and there’s always the risk of losing money depending on what you do with it. You will no longer have a guaranteed safety net for life. For instance, you may choose risky investments that fail to provide the returns you expected. You may fall for a scam. You may also be tempted to spend in ways that are financially irresponsible.

There will also be tax implications for you to consider. Speak to a financial advisor about the best path forward for you.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Pros and cons of taking the monthly benefit

Rather than a lump sum, you can opt for monthly payments until you die.

A guaranteed monthly income can help you manage your expenses as life circumstances change. It will be a steady source of income you won’t have to think about. You may also have more wiggle room to save and invest more than you do now.

If you are worried about running out of the money before you die, taking a monthly payout helps you avoid unnecessary spending or mismanagement. And there’s good reason to be concerned. A 2022 MetLife study of retirees found that 1 in 3 who took a lump sum from a defined contribution plan depleted their lump sum, on average, in 5 years.

However, if you ever fall on hard times and need more money to cover an emergency, you usually can’t ask for a lump-sum payout after you’ve already started the monthly benefit. It’s more restrictive when life events come up.

If you opt for monthly payments, it would take you about 15 years to receive what you would get in a lump-sum payment today. Since there’s no guarantee of how long you will live, you could also earn less monthly benefits than you would if you had taken the lump sum.

The best option depends on individual circumstances, your spending habits and financial knowledge, how you want to map out your future, and where that money would best be utilized in the coming months and years. Make sure you get professional financial advice that will help you meet your goals.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Major financial decisions aren’t easy, especially as you’re mourning the loss of your partner.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

You need to figure out which choice is better for you — taking a lump-sum payout now or claiming your husband’s pension every month for the rest of your life. You may also have the option to wait and receive a bigger survivor’s benefit in the future.

Before you decide, consider the pros and cons of each option carefully.

Pros and cons of taking a lump sum

For some, especially those with confidence about managing money or serious financial needs in the short-term, taking the lump-sum payout may be the better choice.

This option gives you complete control and flexibility with the money immediately. You can save it, spend it, gift it or invest it. This money could have a big impact on your life. You can use it to build a nest egg for your retirement, buy long-term investments, bolster your emergency fund, or pay down expensive debt. By taking a lump sum, there’s also a good chance of leaving something behind for your loved ones upon your death.

The potential for growing your wealth is significant — if you put the entire $89,000 into an S&P 500 fund or another relatively safe investment, and we assume it provides a 6% average annual return, you will have $213,293 in 15 years thanks to the magic of compound interest.

But you have to make careful choices and there’s always the risk of losing money depending on what you do with it. You will no longer have a guaranteed safety net for life. For instance, you may choose risky investments that fail to provide the returns you expected. You may fall for a scam. You may also be tempted to spend in ways that are financially irresponsible.

There will also be tax implications for you to consider. Speak to a financial advisor about the best path forward for you.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Pros and cons of taking the monthly benefit

Rather than a lump sum, you can opt for monthly payments until you die.

A guaranteed monthly income can help you manage your expenses as life circumstances change. It will be a steady source of income you won’t have to think about. You may also have more wiggle room to save and invest more than you do now.

If you are worried about running out of the money before you die, taking a monthly payout helps you avoid unnecessary spending or mismanagement. And there’s good reason to be concerned. A 2022 MetLife study of retirees found that 1 in 3 who took a lump sum from a defined contribution plan depleted their lump sum, on average, in 5 years.

However, if you ever fall on hard times and need more money to cover an emergency, you usually can’t ask for a lump-sum payout after you’ve already started the monthly benefit. It’s more restrictive when life events come up.

If you opt for monthly payments, it would take you about 15 years to receive what you would get in a lump-sum payment today. Since there’s no guarantee of how long you will live, you could also earn less monthly benefits than you would if you had taken the lump sum.

The best option depends on individual circumstances, your spending habits and financial knowledge, how you want to map out your future, and where that money would best be utilized in the coming months and years. Make sure you get professional financial advice that will help you meet your goals.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Major financial decisions aren’t easy, especially as you’re mourning the loss of your partner.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

You need to figure out which choice is better for you — taking a lump-sum payout now or claiming your husband’s pension every month for the rest of your life. You may also have the option to wait and receive a bigger survivor’s benefit in the future.

Before you decide, consider the pros and cons of each option carefully.

Pros and cons of taking a lump sum

For some, especially those with confidence about managing money or serious financial needs in the short-term, taking the lump-sum payout may be the better choice.

This option gives you complete control and flexibility with the money immediately. You can save it, spend it, gift it or invest it. This money could have a big impact on your life. You can use it to build a nest egg for your retirement, buy long-term investments, bolster your emergency fund, or pay down expensive debt. By taking a lump sum, there’s also a good chance of leaving something behind for your loved ones upon your death.

The potential for growing your wealth is significant — if you put the entire $89,000 into an S&P 500 fund or another relatively safe investment, and we assume it provides a 6% average annual return, you will have $213,293 in 15 years thanks to the magic of compound interest.

But you have to make careful choices and there’s always the risk of losing money depending on what you do with it. You will no longer have a guaranteed safety net for life. For instance, you may choose risky investments that fail to provide the returns you expected. You may fall for a scam. You may also be tempted to spend in ways that are financially irresponsible.

There will also be tax implications for you to consider. Speak to a financial advisor about the best path forward for you.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Pros and cons of taking the monthly benefit

Rather than a lump sum, you can opt for monthly payments until you die.

A guaranteed monthly income can help you manage your expenses as life circumstances change. It will be a steady source of income you won’t have to think about. You may also have more wiggle room to save and invest more than you do now.

If you are worried about running out of the money before you die, taking a monthly payout helps you avoid unnecessary spending or mismanagement. And there’s good reason to be concerned. A 2022 MetLife study of retirees found that 1 in 3 who took a lump sum from a defined contribution plan depleted their lump sum, on average, in 5 years.

However, if you ever fall on hard times and need more money to cover an emergency, you usually can’t ask for a lump-sum payout after you’ve already started the monthly benefit. It’s more restrictive when life events come up.

If you opt for monthly payments, it would take you about 15 years to receive what you would get in a lump-sum payment today. Since there’s no guarantee of how long you will live, you could also earn less monthly benefits than you would if you had taken the lump sum.

The best option depends on individual circumstances, your spending habits and financial knowledge, how you want to map out your future, and where that money would best be utilized in the coming months and years. Make sure you get professional financial advice that will help you meet your goals.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Major financial decisions aren’t easy, especially as you’re mourning the loss of your partner.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

You need to figure out which choice is better for you — taking a lump-sum payout now or claiming your husband’s pension every month for the rest of your life. You may also have the option to wait and receive a bigger survivor’s benefit in the future.

Before you decide, consider the pros and cons of each option carefully.

Pros and cons of taking a lump sum

For some, especially those with confidence about managing money or serious financial needs in the short-term, taking the lump-sum payout may be the better choice.

This option gives you complete control and flexibility with the money immediately. You can save it, spend it, gift it or invest it. This money could have a big impact on your life. You can use it to build a nest egg for your retirement, buy long-term investments, bolster your emergency fund, or pay down expensive debt. By taking a lump sum, there’s also a good chance of leaving something behind for your loved ones upon your death.

The potential for growing your wealth is significant — if you put the entire $89,000 into an S&P 500 fund or another relatively safe investment, and we assume it provides a 6% average annual return, you will have $213,293 in 15 years thanks to the magic of compound interest.

But you have to make careful choices and there’s always the risk of losing money depending on what you do with it. You will no longer have a guaranteed safety net for life. For instance, you may choose risky investments that fail to provide the returns you expected. You may fall for a scam. You may also be tempted to spend in ways that are financially irresponsible.

There will also be tax implications for you to consider. Speak to a financial advisor about the best path forward for you.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Pros and cons of taking the monthly benefit

Rather than a lump sum, you can opt for monthly payments until you die.

A guaranteed monthly income can help you manage your expenses as life circumstances change. It will be a steady source of income you won’t have to think about. You may also have more wiggle room to save and invest more than you do now.

If you are worried about running out of the money before you die, taking a monthly payout helps you avoid unnecessary spending or mismanagement. And there’s good reason to be concerned. A 2022 MetLife study of retirees found that 1 in 3 who took a lump sum from a defined contribution plan depleted their lump sum, on average, in 5 years.

However, if you ever fall on hard times and need more money to cover an emergency, you usually can’t ask for a lump-sum payout after you’ve already started the monthly benefit. It’s more restrictive when life events come up.

If you opt for monthly payments, it would take you about 15 years to receive what you would get in a lump-sum payment today. Since there’s no guarantee of how long you will live, you could also earn less monthly benefits than you would if you had taken the lump sum.

The best option depends on individual circumstances, your spending habits and financial knowledge, how you want to map out your future, and where that money would best be utilized in the coming months and years. Make sure you get professional financial advice that will help you meet your goals.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Maoming, China is the world’s largest tilapia exporter, and workers in this small southern city are greatly impacted by tariffs and the U.S. trade war.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now

China exports $425 million worth of tilapia to the U.S. a year, and before the two countries decided to roll back tariffs in May for 90 days, these exports were facing duties of 170%, reports Reuters.

Even though workers have the supply and America has the demand, ballooning trade costs meant a lot of uncertainty for fish farmers and buyers.

Since the recent trade talks in Geneva, Switzerland, the fish trade in this region has gone from “flat to flourishing,” reports China Daily, with prices rising.

But the truce is still fragile. Shaken local producers are reportedly looking to explore alternative markets. "We believe it is a step-by-step process to shake off our dependence on the U.S.," said Cao Luoding, deputy president of Guolian Aquatic Products Co, to the news outlet.

Maoming is the star of the tilapia show

Maoming is massive. The city’s tilapia fish farms alone are one and a half times the size of San Francisco, according to Reuters.

In 2024, China exported 167,000 metric tonnes of tilapia, per the USDA. The exports to the U.S. were 7,400 metric tonnes.

Before the recent pause on tariffs, Maoming fish workers were worried. The peak tilapia stocking season is usually from March through May, and Tilapia prices dropped 17% last month.

"This is the hardest year ever," a worker said to Reuters in April. "Normally, we’d have sold a lot by now. But no one’s buying. Farmers are scared."

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How tariffs could hurt Americans

A slight drop in prices or even a little fluctuation is normal, but the drastic cost changes impact everyone. If fewer Americans buy tilapia, there will be fewer trips for importing and exporting.

That’s fewer boats making the trip, smaller crews managing the loads, and fewer people handling the fish at each destination. With less volume, warehouses won’t need as much space to hold the inventory.

With a massive drop in tilapia exports, American-led teams — from logistics to packaging and retail — could be out of work. Americans are no strangers to drastic inflation hurting income and savings.

However, the more people lose jobs because of tariffs and trade wars between the U.S. and China, the higher the unemployment rate will be.

If more folks lose jobs and access to benefits, health care and savings, some folks may fall behind on mortgage or rent payments, car notes and other bills as less money comes in.

According to a recent Bankrate survey, nearly 3 in 4 Americans are saving less this year for emergency expenses due to inflation/rising prices, elevated interest rates or a change in income or employment. There’s a chance some people could lose their homes or get their cars repossessed if they fall far enough behind on payments.

Many of these economic uncertainties are already causing friction in global trade. But the longer the trade war looms, the more of an impact it could have close to home.

What to read next

• Millions of Americans now sit on a stunning $35 trillion in home equity — here’s 1 new way to invest in responsible US homeowners while targeting a 14%-17% IRR
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Major financial decisions aren’t easy, especially as you’re mourning the loss of your partner.

You need to figure out which choice is better for you — taking a lump-sum payout now or claiming your husband’s pension every month for the rest of your life. You may also have the option to wait and receive a bigger survivor’s benefit in the future.

Before you decide, consider the pros and cons of each option carefully.

Pros and cons of taking a lump sum

For some, especially those with confidence about managing money or serious financial needs in the short-term, taking the lump-sum payout may be the better choice.

This option gives you complete control and flexibility with the money immediately. You can save it, spend it, gift it or invest it. This money could have a big impact on your life. You can use it to build a nest egg for your retirement, buy long-term investments, bolster your emergency fund, or pay down expensive debt. By taking a lump sum, there’s also a good chance of leaving something behind for your loved ones upon your death.

The potential for growing your wealth is significant — if you put the entire $89,000 into an S&P 500 fund or another relatively safe investment, and we assume it provides a 6% average annual return, you will have $213,293 in 15 years thanks to the magic of compound interest.

But you have to make careful choices and there’s always the risk of losing money depending on what you do with it. You will no longer have a guaranteed safety net for life. For instance, you may choose risky investments that fail to provide the returns you expected. You may fall for a scam. You may also be tempted to spend in ways that are financially irresponsible.

There will also be tax implications for you to consider. Speak to a financial advisor about the best path forward for you.

Pros and cons of taking the monthly benefit

Rather than a lump sum, you can opt for monthly payments until you die.

A guaranteed monthly income can help you manage your expenses as life circumstances change. It will be a steady source of income you won’t have to think about. You may also have more wiggle room to save and invest more than you do now.

If you are worried about running out of the money before you die, taking a monthly payout helps you avoid unnecessary spending or mismanagement. And there’s good reason to be concerned. A 2022 MetLife study of retirees found that 1 in 3 who took a lump sum from a defined contribution plan depleted their lump sum, on average, in 5 years.

However, if you ever fall on hard times and need more money to cover an emergency, you usually can’t ask for a lump-sum payout after you’ve already started the monthly benefit. It’s more restrictive when life events come up.

If you opt for monthly payments, it would take you about 15 years to receive what you would get in a lump-sum payment today. Since there’s no guarantee of how long you will live, you could also earn less monthly benefits than you would if you had taken the lump sum.

The best option depends on individual circumstances, your spending habits and financial knowledge, how you want to map out your future, and where that money would best be utilized in the coming months and years. Make sure you get professional financial advice that will help you meet your goals.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.