Comments on: Should You Rollover Your Pension Into an IRA?

By: Michelle

Michelle — Fri, 24 Jul 2020 00:03:48 +0000

I am 50 years old and I am pension/retirement eligible from my company(yes Verizon). Please don’t judge…I have nothing in my 401k. My monthly pension would be about $2300. My lump sum is $680,000. I do plan on working part time if and when I leave. No debt, and own my house. Monthly pension or lump sum?

By: Patricia Ruggio

Patricia Ruggio — Mon, 20 Jul 2020 13:13:02 +0000

I have a pension worth 600,000. Monthly annuity payment is 3200 for single life. I am 65 and have 3 children. I also have debt and a mortgage with 8 years to go before it is paid off. I’ve been living off of my 401k and social security that I had to start drawing on since 63. I’m planning on taking the lump sum and purchasing a private annuity and paying off debt. I will invest some in fixed annuities with 3 to 5 year terms to grow some of the money I want to leave to my kids and use some for investing. I will not pay off mortgage as I plan to relocate soon. My spouse recently passed away but had no insurance or notable assets. Please advise if my strategy is sound. Thank you

By: silvano.R

silvano.R — Wed, 31 Jul 2019 23:59:18 +0000

Hi
I am a 51 years old and disable.i am receiving social security for disability since March last year.due to my health problem i i was not able to work.i had a 401A pension plan from My previous employer,employer was only able to contributed to the plan.the money still in the plan with Prudential,i have not done anything yet.i was told i could leave the money there as long as i want to,i do not need the money for now,but beside that i am looking to see if there are other options,thanks

By: Nasser Faraj

Nasser Faraj — Sun, 16 Jun 2019 07:44:03 +0000

Greeting,
Thank you for the excellent explanation.

I have one question,
Do I have to get my spouse consent to roll my pension to an IRA?
Also, can I withdraw monthly payments from my IRA account? and at what age i can withdraw from my IRA account?

Best regards
Nasser

By: Anita

Anita — Fri, 31 May 2019 22:27:04 +0000

I have a few 403-B accounts, some IRA’s and a pension from a former employer 20yrs ago, I have not filed to take the money out of the pension as yet. I was offered the whole $120000 or get monthly payments. I retired 3 years ago at 65 yrs old. I will be 70 in 2020. I am perplexed in how much should I take out each year by the time it becomes mandatory to take monies out of each accounts. I have saved a lot within the retirement account and I never thought about how I would go about the disbursement.

Thank you for your help

By: Jeff Rose

Jeff Rose — Fri, 31 May 2019 11:13:06 +0000

In reply to brett J wadsworth. Yes

By: brett J wadsworth

brett J wadsworth — Fri, 15 Mar 2019 20:24:51 +0000

CAN I ROLL 48000 PENSION LUMP SUM INTO IRA

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By: Jeff Rose

Jeff Rose — Wed, 31 Oct 2018 23:33:32 +0000

In reply to John Kudlacek. Hi John - Only if you believe you can get a better return on your money in a different account/plan. But be careful not to take on too much risk in getting that higher return.

By: John Kudlacek

John Kudlacek — Tue, 30 Oct 2018 19:17:40 +0000

My TIAA-Cref principal is diminishing rapidly–I have been drawing monthly payments for about 20 years.. I am 86 and plan to live 14 more years. Would a roll over be a viable option?