Pension plan options . What to choose?

[Daniel Mahlmann]

I have 2 pension plans. One Of them I have to start collecting on. There are multiple choices . The bottom line is I’ll be liable for a lot of tax & I want to minimize that. I can up my 401 to 25 k a year, & almost 59 years old. So that will minimize some tax exposure. At this point I’m kinda tired of the fluctuations in the market so soon it’ll be time to move it to conservative funds. Between us both still working full time, our 401ks, my 2 pensions, a primary residence 4 years away from paid off, social security, wife’s government pension, her 401, & working full time, with kids out of college & college paid off, we have mutual desire for owning lakefront log cabin.

Im trying to figure out if buying property now with a mortgage is a bad idea or not. We like Moosehead Lake maine area, but desirable lots are pricy- 200-300 k for land alone. At this point it seems safer to buy good land & hold for building later on it, vs adding more $$ to 401 or just parking the extra $$ in it till we figure things out.... it’s a nice problem to have, but have found few resources to address it.