pension
Hi,
I have a 45000 retirement pension that needs to be put somewhere else. Should I cash out and pay some credit cards down and then invest the rest like a CD, should I do an annuity, should I do a monthly allotment. This is a pension that was dissolved and we went with a 401k. Im 65 not retired still working and still investing.
Terry Says
Well, the first thing you should do is a direct rollover to an IRA! That way you won’t pay taxes on the money and it can keep growing for your retirement.
Read this: https://www.terrysavage.com/rollover-now/
Follow the instructions above and set up the direct rollover.
I don’t know how old you are, how much credit card debt you have — but the best course is to keep this money growing tax deferred, instead of taking it out and paying taxes on it now!
