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LEARN MORE ABOUT: Retirement Pension Plans
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Depends on what age you begin to draw on that pension. In the example of peace officer hired at a certain period of time they can start drawing their pensions at 50 years and they COLA increases as well. If you live until 75 the amount you've drawn from the pension is much more than what they offer as a payout.
I just got notified that I Can take a lump sum from a pension I was in at a previous employer. I didn't even know I qualified but I've decided I will roll it over into my IRA with my Broker. The monthly amount I can get now isn't worth it to me.
There are plans that allow you to take a set range of the lump sum amount ($10-$50k), and the individual will still receive a monthly 75% joint annuity payment for the primary and spouse. This will allow some to play both sides of the fence. Have that lump sum directly rolled over to a traditional ira; while receiving a slightly reduced monthly annuity for the rest of their lives.
It all depends on circumstances of the pension
i took a monthley pension i am happy with it,it all depends on your health,i dont worry about my kids they will have to work like i did
Is she asking about receiving the pension after retirement?
Or did she leave the job and is deciding what to do with her vested pension?
Unless you can “retire” or Can “quit a company“ early on and withdraw your pension so that you can roll it over and invest it TAX FREE, you have a looong time to invest until you begin withdrawals and you are ASSURED of a higher investment long term, a pension is your best bet. I’m a nobody, just a retired English teacher who doesn’t like taking risks, but I wouldn’t…
I like the stability of the Pension. Just don’t like the company May go under one day.
If your company goes bankrupt your pension disappears. Always take the lump sum
This was a great response by david
Every time I ask where to put a lump sum , YouTube send me to investing. I just want to know where I’ll put until I decide what to do with it.
Obviously not in a check account.
Where?
What about military?
So lump sum is not one of my options. What do I do now.
for $147k, I would never take the lump sum. She can spend that in a couple of years. Usually agree with Ramsey but not on this one.
Can I rollover to ROTH IRA?
No unless your life span is going to be short ?If you take the pension it will pay off more then the lump sum .
Good day sir watching from the Philippines my concern sir just asking my father worked in saipan nd Guam before for 10 years or more can he claim his benefits? Thank you
Should take a lump sum
2019 – "it's a bad time to buy". Listening to in 2021
Another reason to take the lump sum: if the company goes under you could lose everything with a pension. Ask the fine folks at Kodak and several defunct airlines.
Your heirs do get it if you pass you just label them beneficiaries and if you take it out as a lump sum it throws you in a higher tax bracket. My dad passed I inherited his pension and I do monthly payments and put those in my savings. The lump sum is significantly less than the monthly payment offer.
Lori Vallow has a lot of nerve calling in under these cirumstances.
Our state retirement is 90% of the average of your three best earning years and if my wife outlives me, she gets it also.
I can't believe he didn't ask the big question first, like what does it pay? I know for my pension the lump sum is only my contributions, I lose all employer contributions, just don't think this is good blanket advice at all.
Get it in a lumpsum before they try to rob you
The lump sum won’t even be close to the monthly payment you get from the pension. I am really surprised Dave didn’t ask her what the monthly payment of the pension would be.
1.pension is for LIFE, unlike the ira.
2.some (like mine) you can designate a beneficiary so they can get most of the pension for their life so its not lost we you die.
WHEN I MET *HACKERLARRSON001 ON NICEGRAM*MY LIFE CHANGES TO BETTER LIFE CAN’T IMAGINE LIFE WITHOUT HIM THEY’ER THE GREATEST ON PLANET!!!
If you know how to handle money, the lump sum is best in nearly every scenario.