Should I commute my pension and take $1.1 million to retire now?

Some defined-benefit pensions offer a choice that's hard to unwind: take the lifetime monthly cheque, or walk away with a large lump sum to invest yourself. This piece weighs that decision for someone considering commuting their pension to retire now. The lump sum can look enormous, but the comparison is really about trade-offs, secure income you can't outlive versus control, flexibility and what you'd leave to your estate, set against market risk and the discipline managing a big pot demands. The honest framing here is that the right answer depends as much on temperament as on math, which is why it counsels a long, candid look at yourself before deciding. It's most relevant to a pensioned employee nearing retirement who's been handed a commuted-value figure and senses the choice is permanent.