Pension
Hello Terry,
Happy Holidays!
I have a pension along with a 401K with my company.
I’m retiring on February 3rd of next next year.
I don’t plan on touching my pension for another year or two.
My question is, should I roll it over or leave it with the company?
Terry Says
You should likely roll over your 401k, so you can get some more conservative investment choices in retirement.
Read this:
https://www.terrysavage.com/rollover-now/
As for your pension, ask corporate HR if there is any benefit to delaying. Likely you will get your max benefit at retirement, so no reason to delay. But if you’re married, ask about spousal benefit as well.
If your company does allow a rollover of your pension, you need an expert to calculate the appropriate “present value” of the lump sum they are offering.
Here’s how to get good advice from someone who isn’t trying to sell you something!
