As interest rates continue to climb, it’s worth considering how that may impact getting your benefits as a lump sum instead of an annuity.
, marking the second increase this year and the biggest hike in more than 20 years. And additional upward adjustments are expected in the coming months.
While the IRS updates the rates monthly, many companies use one month's numbers – say, from August or November – to calculate those one-time payouts for the following year, Stone said. So, if the upward trajectory continues and you're planning to retire with a lump sum in 2023, you could get more if you were to retire this year.
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