Hi,
I left a megacorp earlier this year for a commission only job at a local company. Megacorp had a pension for a short time before it was discontinued. Pension is held with fidelity but with zero investment choices, unlike my 401k.
I finally got around to rolling my 401 to Vanguard last week but my pension is a different story. I have to wait until after Jan 1 for any choices to be executed for some reason. I learned while I was taking to the rep that I could start taking disbursements from my pension instead of lump sum rolling it over. I will be 28 next month and didnt even know that was an option.
So while I'm all about compound interest I am not sure if there might be a reason to take a monthly payout that I'm missing.
Would there be a benefit or should I just roll into a traditional so I can move to a roth in the future?
$18,500 balance lump sum
Or $78 monthly or $77 spousal benefit.
I left a megacorp earlier this year for a commission only job at a local company. Megacorp had a pension for a short time before it was discontinued. Pension is held with fidelity but with zero investment choices, unlike my 401k.
I finally got around to rolling my 401 to Vanguard last week but my pension is a different story. I have to wait until after Jan 1 for any choices to be executed for some reason. I learned while I was taking to the rep that I could start taking disbursements from my pension instead of lump sum rolling it over. I will be 28 next month and didnt even know that was an option.
So while I'm all about compound interest I am not sure if there might be a reason to take a monthly payout that I'm missing.
Would there be a benefit or should I just roll into a traditional so I can move to a roth in the future?
$18,500 balance lump sum
Or $78 monthly or $77 spousal benefit.