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Pension from last job, what should i do with it?
Posted on 1/17/20 at 6:41 pm
Posted on 1/17/20 at 6:41 pm
I worked for a company about 5 years ago for 2 years. Apparently i had a pension but just found out about this 2 or 3 months ago. Im a fairly young guy and dont know all the ins and outs of this stuff. Looking up the pension i have a little over 12k or i could collect like $64 dollars a month when i get to that age. Right now it just sitting there doesnt seem to be the best option for it. What should I do with this pension money that would be the smartest move for me financially?
3
Posted on 1/17/20 at 6:42 pm to Relham10
Stick it in an Ira or Roth (you'll have to pay taxes)
Posted on 1/17/20 at 7:39 pm to Relham10
You could get 12k now or $64/month when you reach retirement age (presumably 55 or 60 something)? Or is it 12k lump sum when you reach retirement age?
Usually when you leave the company, they will inform you of the pension and you sign papers telling them if you want a lump sum or not at that point. I guess that didn’t happen. I’m not sure a lump sum option now is still available.
quote:
I worked for a company about 5 years ago for 2 years. Apparently i had a pension but just found out about this 2 or 3 months ago
Usually when you leave the company, they will inform you of the pension and you sign papers telling them if you want a lump sum or not at that point. I guess that didn’t happen. I’m not sure a lump sum option now is still available.
Posted on 1/18/20 at 10:00 pm to Relham10
Say your 30, move it to your own account, stash it in a vanguard fund, it will grow to 88k in 25 years at 8%.
The 64 a month is a financial bloodbath. You could earn 220 a month on 3% if you grow it out to 25 years at 8% growth.
The 64 a month is a financial bloodbath. You could earn 220 a month on 3% if you grow it out to 25 years at 8% growth.
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