Hi everyone
I'm 60 and will be 61 this coming November . I had to retire early (July 12th 2018) due to medical issues , currently in process of applying for SSDI. Medical condition isn't life threatening, but it's bad enough where I'm not able to work any longer
I have a pension currently at $350,000
It was a little over $400,000 but when rates changed it dipped .I don't understand how the GATT (?) affects my pension ,all I know is when rates are raised, my pension loses money.
If I take monthly payments it's around $1800
Thing is ,on my Fathers side life expectancy is around 80 years old or a few more.
On my Mothers side it's 65 and most of my siblings have passed away in 60's (4) and 1 at 83
So I figured I take the lump sum due to life expectancy odds.
My question is, where should I put my pension lump sum in order to pay the least amount of taxes , where I'm able to draw monthly funds to cover monthly needs to pay bills /food/co-op maintenance ?
PS: I also have a 401K currently worth $420,000 (Fidelity) which I haven't touched . I currently only have enough cash on hand to make ends meet for the next 8 months .
Thanks so much.
I'm 60 and will be 61 this coming November . I had to retire early (July 12th 2018) due to medical issues , currently in process of applying for SSDI. Medical condition isn't life threatening, but it's bad enough where I'm not able to work any longer
I have a pension currently at $350,000
It was a little over $400,000 but when rates changed it dipped .I don't understand how the GATT (?) affects my pension ,all I know is when rates are raised, my pension loses money.
If I take monthly payments it's around $1800
Thing is ,on my Fathers side life expectancy is around 80 years old or a few more.
On my Mothers side it's 65 and most of my siblings have passed away in 60's (4) and 1 at 83
So I figured I take the lump sum due to life expectancy odds.
My question is, where should I put my pension lump sum in order to pay the least amount of taxes , where I'm able to draw monthly funds to cover monthly needs to pay bills /food/co-op maintenance ?
PS: I also have a 401K currently worth $420,000 (Fidelity) which I haven't touched . I currently only have enough cash on hand to make ends meet for the next 8 months .
Thanks so much.
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