Receiving your pension once as a whole sum or paid monthly which is better?

[Abee111]

To receive your pension once as whole sum or paid monthly, both have advantages and disadvantage,because if some one with a plans of doing a large scale business get that opportunity, he will not west the whole sum in doing things that will not benefit him or bring way of income to him, but to set up his own business and be managing it.
And the bad side of it is that when distraction come, example.... Like this pandemic period that distort things will bring short or damage of things in your business.but when you are receiving your pension monthly and managing your business, u will have advantage in both side..

 

[Daykas]

As a retiree from a government or private service an amount is always set aside to be paid to the retiree at the end of his or service this payment is called pension.
Formerly I used to think the decision to be paid the total pension once or paid partly monthly depends on the organization to make but I was wrong because research has shown me that the decision varies from sector to sector, some organization makes the decision for its staff while some organization provides option to be chosen by the retiree.
My mother who has retired has asked me to help her decide which is the best decision since she was lucky to have the options choose, is it receiving the total pension once or receiving a monthly Payment is better. I gave my opinion that once payment is better since it can be used for investment.
If you were asked the best what will be your answer and why?

As for me I would go with the once mode of payment but that will be if I have a business which is thriving well,all to do is to pump the money into the business and also invest some of it to future lasting investment.
And I will go for the monthly mode of payment if monthly pension is kind of huge a little bit

 

[IamDozzy]

I would prefer to be paid monthly as against being paid a lump sum. This is to guard against spending on frivolities and those who might want to scam a retiree of his/her hard earned money. Not that being paid a lump sum is a bad thing but those that cannot plan and set their priorities right woul have a hard time strategizing on how to use the money. This would leave them at the mercy of relatives once the money finishes.