You need to ask the pension plan (and be specific, not necessarily the HR person at your company, but the pension plan custodian) whether this money qualifies for a tax-free rollover. If that is the case, and because you are only 63, I would suggest contacting Vanguard or Fidelity -- not a broker!!! -- and asking them to handle this as a direct rollover so no taxes are involved. Do NOT take a check from the plan!The money will continue to grow tax-deferred in the rollover account, and they will give you advice about diversification of investments. then when you start withdrawing -- at age 70-1/2, or sooner -- the withdrawals will be taxable at then-current income tax rate. Be sure to name a beneficiary!