What if you were faced with this difficult decision – You can either get a payout for the rest of your life or you can get a big fat check once?

Don’t worry, you don’t have to make this decision alone, that is what I am here for!

I received this question from a reader, Jared:

‘I have worked with my company for over 27 years this Spring. I am one of the lucky ones that have been given a very generous pension and a 401k plan.’ …. ‘My pension should be more than enough to take care of my wife and I. I am almost 60 and I have the option to roll my pension over into an IRA.’

‘Should I roll my pension to an IRA or leave as is?’

🔎 RESOURCES MENTIONED 👇

Pension Benefit Guaranty Corporation:

CFP Board:

Should You Roll Over Your Pension into an IRA?

#pension #rollover

🔖CHAPTERS 👇

00:00 Intro
04:28 IRA rollover options
06:54 Annuitizing your pension
08:01 Borrowing against an IRA
09:08 Pension payout options
10:51 Tax Liability
12:49 Working with a professional

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When it comes to retirement planning, one of the most important decisions you can make is whether or not to rollover your $1 million pension into an IRA. This can be a complex decision, and it’s important to understand the pros and cons of each option before making a final decision. To help you make the right choice, we asked a Certified Financial Planner™ (CFP®) to weigh in on the topic.

The CFP® explained that there are several factors to consider when deciding whether or not to rollover your $1 million pension into an IRA. First and foremost, you should consider the fees associated with the rollover. Depending on the type of pension plan you have, there may be fees associated with the rollover. It’s important to factor these into your decision-making process.

The CFP® also noted that it’s important to consider the tax implications of a pension rollover. Depending on the type of plan you have, there may be tax implications associated with the rollover. You should also consider the investment options available within an IRA. Depending on the type of IRA you choose, you may have access to a wider range of investments than you do with a pension plan. This could provide you with more diversification and greater potential for growth.

Finally, the CFP® noted that it’s important to consider your own personal goals and objectives when making a decision about a pension rollover. If you’re looking for greater control over your investments, or if you want to access a wider range of investments, then an IRA may be the right choice. On the other hand, if you’re looking for a more hands-off approach to retirement planning, then a pension plan may be the better option.

Ultimately, the decision to rollover your $1 million pension into an IRA should be based on your own personal goals and objectives. It’s important to weigh the pros and cons of each option carefully before making a final decision. A Certified Financial Planner™ can help you make the right choice for your unique situation.