Ask Terry Questions Movie to another job have pension for the city.

Movie to another job have pension for the city.

By Terry Savage on October 09, 2023 | Financial Planning / Retirement

I work for Chicago public school I’m 56. I have a pension. But I’m leaving for another job do I leave my pension there or do I pull it down?

Terry Says

If that is truly a “pension”, you likely have no choice but to leave it there. I’m not familiar with the alternatives they offer, but if they tell you you can take a lump sum (AND ROLL IT OVER), then you have a different decision to make.
You’ll want to consider the amount of the rollover they offer (and if it is “fair”) and then the risks you want to take investing it until you’re ready to withdraw later in life.
That’s a pretty complicated decision, so please write back when you find out your alternatives. Then I can direct you to someone who can help with those questions.
The one thing I would NOT do is withdraw the money now and pay taxes on it, even if that is an option.

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