All, any insights on the best approach to take care of the pension payout after quitting? Do people just put it in regular investment account or are there efficient ways to put it in other sorts of retirement (ira/Roth/other) to minimize tax? Thanks
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Roll it directly into IRA. DO NOT pay tax on that sum... yet!
@uca+1dB3xv3f Retirement accounts like IRA or another 401K accepting rollovers
@hkq+1dB3xv3f I'm mid career (still got another 20+ year to go). Do you think the retirement options would apply?
Best to roll it over to any retirement account. If you cash it now, you will be taxed twice (XOM tax withhold, fed income tax return).
There are lots of options. I suggest you get a hold of the late career training manual. It is on the intranet somewhere, ask the next old timer you see on campus where it is. Also join one of the retirement planning groups, and the retirement planning yammer group - that is a better place to ask questions like this.
You can roll it over into an IRA account to defer taxes until withdrawal