Pensions

[baboon]

So I sent for & received my pension information. Much to my liking I found out I have 2 pensions due to me. Now to figure out what will work best for me. Lump suming it would most likely phuc up my disability. I guess I need to set it up for 20 years as I doubt I live longer then that.

Seeing as we never had kids some nieces & nephews are going to score! Wonder which one would keep my grouchy old cripple ass out of an old folks warehouse?

Good damn thing the wife has my money to fall back on!

 

[cvgunman]

Is there a way to pull your pension money and put into self directed IRA, without messing up your DI payment?
When wife left AT&T, I had her pension pulled and put into rollover IRA.

 

[Vaquero]

spend it!

 

[MTA]

Buy me a Savage Ridge Warrior in 6.5cm

 

[Sasquatch]

Another vote for self directed IRA if you're able to.

 

[Davetex]

spend it!

Buy guns and motorcycles.

 

[toddnjoyce]

Here is a link to some really good advice on lump sum pension payouts.

https://www.fool.com/knowledge-center/pension-rollover-rules.aspx

Generally speaking, the first rule is that your payout should directly transfer from one custodian to another in a similarly tax advantaged account. Do not have them mail you a check, because it’s then income. A direct transfer to your IRA custodian is not income.

I usually recommend people have a tax attorney, CPA, and CFP review the payout options before making a decision which way to go. Those people should be able to explain to you what will happen in each of the scenarios available to you.

Yes, you’ll spend some money, but it beats the hell out of not knowing what you’re doing and becoming liable for the tax and income implications of the decision made.

 

[cvgunman]

Here is a link to some really good advice on lump sum pension payouts.

https://www.fool.com/knowledge-center/pension-rollover-rules.aspx

Generally speaking, the first rule is that your payout should directly transfer from one custodian to another in a similarly tax advantaged account. Do not have them mail you a check, because it’s then income. A direct transfer to your IRA custodian is not income.

I usually recommend people have a tax attorney, CPA, and CFP review the payout options before making a decision which way to go. Those people should be able to explain to you what will happen in each of the scenarios available to you.

Yes, you’ll spend some money, but it beats the hell out of not knowing what you’re doing and becoming liable for the tax and income implications of the decision made.

Only considered income if not deposited into a qualifying account within a certain period of time (30 days). Some institutions will mail a check to you (though rare now), just need to forward it to new account. Keep copy for tax records.

 

[Vaquero]

"If" you're 59 1/2 years old, you can avoid the big penalties. At the rate this fed is spending, id cash out and do a rothh IRA. Get the taxes behind you before we get another liberal in the white house.

 

[oldag]

Just be careful showing benefits summary statements to your wife.

She may figure out you are worth more dead than alive...

 

[baboon]

Is there a way to pull your pension money and put into self directed IRA, without messing up your DI payment?
When wife left AT&T, I had her pension pulled and put into rollover IRA.

More then likely this. Like I told the wife money I could have to blow on something I like will now pay the taxes so she won't have to. Told her not a popular thought with me.

 

[Mills]

When I retired, at 59, I pulled my pension and 401, and put them in retirement CDs.
After 30 years with the company, they sold and the new owner went bankrupt,so I feel good about my decision.

 

[sidebite252]

"If" you're 59 1/2 years old, you can avoid the big penalties. At the rate this fed is spending, id cash out and do a rothh IRA. Get the taxes behind you before we get another liberal in the white house.

I actually looked into this and the only thing you can roll into a Roth IRA is from another Roth IRA. Other wise, you can only do the max of $7000 per year.

 

[Vaquero]

I actually looked into this and the only thing you can roll into a Roth IRA is from another Roth IRA. Other wise, you can only do the max of $7000 per year.

I gotta hope my financial advisor is better than yours.

 

[480 Ruger]

I gotta hope my financial advisor is better than yours.

I'm sure he is.

 

[smittyb]

"If" you're 59 1/2 years old, you can avoid the big penalties. At the rate this fed is spending, id cash out and do a rothh IRA. Get the taxes behind you before we get another liberal in the white house.

What makes you think that Those liberals won’t tax those Roth accounts? All it takes is a vote.

 

[Vaquero]

What makes you think that Those liberals won’t tax those Roth accounts? All it takes is a vote.

That's how you start a revolution.

 

[baboon]

Just be careful showing benefits summary statements to your wife.

She may figure out you are worth more dead than alive...

Here dad sold insurance when we got married, so he brings up life insurance. I told first insurance is a scam Second I wasn't going to be worth more dead then alive. I think the wife knows she has a better future with me then them. I think her parents are broke!

 

[cvgunman]

I actually looked into this and the only thing you can roll into a Roth IRA is from another Roth IRA. Other wise, you can only do the max of $7000 per year.

The key point in @Vaquero statement was CASH OUT. You cannot roll non Roth into a Roth, but you can cash out, pay the taxes and put into a Roth. Would need to run the numbers with TA, CPA and CFP to see if it makes sense. Depending on age and marital status, there are allowances for "catch up" which can let you put more than the 7K/year.

 

[Mills]

What makes you think that Those liberals won’t tax those Roth accounts? All it takes is a vote.

It wasn’t a Roth