Now is the time!
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I want a retirement party!
I also got out in Nov 2022 and took the lump sum. Interest rates haven't peaked yet, so it will be a while (at least Jan 2025) before 417e rates drop and the lump sum values start to go up again. As "I actioned the failure mode" alluded, PBGC takeover is a risk if 3M defaults. In recent years, companies have also been purchasing annuities on behalf of pension eligible employees to transfer the future responsibility for monthly pension payments to an insurance company. You then have a risk the insurance company could default. Lots to think about before you hit the button. In my case, my mental and physical health have improved and I wish I would have checked out earlier.
The time to retire was nov.30 2022 before lump sum pension took a huge hit. Now you have to hope the pension doesn't go into pbgc in the next 30 years. No thanks. I gtfo last year.