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New Job-Rolling pension payout and 401k
Posted on 2/15/22 at 11:45 am
Posted on 2/15/22 at 11:45 am
What’s the best way to handle both? My 401k doesn’t start here for another couple months, otherwise I’d immediately just roll into that.
I can leave the pension earning standard interest or roll into 401k or IRA.
401k can roll into IRA as well.
Anything worth thinking about or watch outs when doing this?
I can leave the pension earning standard interest or roll into 401k or IRA.
401k can roll into IRA as well.
Anything worth thinking about or watch outs when doing this?
2
Posted on 2/15/22 at 8:54 pm to STLhog
Are you planning on self-directing your IRA?
It was discussed a week or so ago regarding the pros/cons of 401ks and IRAs. Essentially boils down to IRAs offer far more flexibility but 401(k)s often have the ability to take a loan out against.
It was discussed a week or so ago regarding the pros/cons of 401ks and IRAs. Essentially boils down to IRAs offer far more flexibility but 401(k)s often have the ability to take a loan out against.
Posted on 2/16/22 at 8:29 am to STLhog
In most cases, rolling the old 401k assets to an IRA is in your best interest. Vastly more flexibility outside of a 401k in terms of tax/investment strategies and investment choices.
You should hire someone to do cost-benefit analysis on your pension before you do anything. That will tell you whether taking the lump sum rollover now is worth giving up future benefit payments (i.e. where is the break even point?)
You should hire someone to do cost-benefit analysis on your pension before you do anything. That will tell you whether taking the lump sum rollover now is worth giving up future benefit payments (i.e. where is the break even point?)
This post was edited on 2/16/22 at 8:30 am
Posted on 2/16/22 at 10:41 am to Niner
How old are you?
You might want to consider the Rule of 55 if you are close to 55.
You might want to consider the Rule of 55 if you are close to 55.
Posted on 2/16/22 at 12:12 pm to CharlesUFarley
72t pretty much offsets Rule of 55.
Posted on 2/16/22 at 2:23 pm to Diggs
quote:
You might want to consider the Rule of 55
quote:Are you guys suggesting OP create taxable income?
72t pretty much offsets Rule of 55.
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