Hope you folks can assist me.
I am 55 and will be retiring early from my company. My retirement plan is a cash balance plan of approximately $50,000. I will need this to live on. The choices they gave me are to annuitize or take it as a lump sum.
I don't want to annuitize through the company since I feel I could do a better job and would rather have control of the money. Since I am 55 and will be breaking service I believe there would not be the 10% penalty.
If I take it as a lump sum, where would I put it so I do not incurr penalties? Should I roll it over into an IRA and do a 72(t)? Key thing is I will need this to live on and want to avoid penalties. Which way do I go?
Thanks
I am 55 and will be retiring early from my company. My retirement plan is a cash balance plan of approximately $50,000. I will need this to live on. The choices they gave me are to annuitize or take it as a lump sum.
I don't want to annuitize through the company since I feel I could do a better job and would rather have control of the money. Since I am 55 and will be breaking service I believe there would not be the 10% penalty.
If I take it as a lump sum, where would I put it so I do not incurr penalties? Should I roll it over into an IRA and do a 72(t)? Key thing is I will need this to live on and want to avoid penalties. Which way do I go?
Thanks