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CFPB Releases Guide to Help Consumers Navigate Pension Payouts
On Tuesday, January 12, 2016, the CFPB issued a guide, accompanied by a blog post, on retirement payout options for a private-sector plan. Through a series of six questions, the guide aims to help those nearing retirement to determine whether to choose a lump-sum payout or monthly payments of their pension. The questions address the circumstantial benefits and shortfalls of each option. The guide also includes tips on detecting errors in payments, possible tax consequences, and how to protect against fraud and scams.