The math on when and how to retire is shifting for millions of workers with pension plans. Blame the steep rise in interest rates.
When workers retire with a pension, many are given a choice between receiving a monthly income for life or taking a lump-sum payment. Many pick the lump sum, and those payout amounts have generally increased in recent years. But now, as interest rates rise, lump-sum payouts are dropping by as much as 30%, financial advisers say, sparking a wave of early retirements.
