GM salaried retirees have a big financial decision to make this - 21 News Now, More Local News for Youngstown, Ohio -

GM salaried retirees have a big financial decision to make this week

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YOUNGSTOWN, Ohio - By Friday, General Motors salaried retirees have an important decision to make.

And that is to accept a one-time cash payout on their retirement or continue receiving monthly pension checks.

But financial experts warn that if GM retirees choose the lump sum, it's critical to have an experienced adviser help with your investments.

You may actually be able to grow your nest egg if you manage your money right.

"That's the thing, you have to be responsible and adult about it, disciplined. Because that is your nest egg to live on for the rest of your life, and maybe joint life if you're husband and wife. You have to resist the new boat or motorcycle or second home or something like that because when it's gone it's gone," said Rob Gardner, CPA with Stifel Nicolaus.

At this point, there's no word on whether GM hourly retirees will receive the same retirement offer.

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