Cash Balance Options
I will be able to retire next year at 55 years old with 34 years service with a public utility. My cash balance pension will be what we will live off of until 59.5 years old when I can tap into my other incestments. All liquid assets total a little over $1M at this time. My question is, will I be required to pay a penalty if I do not roll my cash balance money into an IRA? Can I invest most in short term stuff or, at least put it into a 5 year certain annuity without penalty?
Thank you for your responses in advance.
BTW, I have been lurking for over a year now. This a great group of knowledgeable folks.