Does this “deal” allow you to either get the lump sum up front or start taking annuity payments starting in august even if nelow retirement age, say age 49? Although drastically reduced? How does that work?
4 replies (most recent on top)
Lump sum only. Recommended to deposit in an IRA or other qualified, tax-deferred investment vehicle.
No annuity until 15 years service and age 55, OR, you will receive annuity payments at age 65 if you leave the company before 15 years of service.
@OP You're as d-mb as a doorknob to ask such a question. Best luck. LOL
Lump Sum straight regular external IRA.
You can manage your money in different funds there, just like a 401K.
All penalties for early withdrawals apply.
You oughta get yourself a low-cost fiduciary financial advisor.
If you don't understand any of that - why didn't your take the Early or Mid-Career Financial Planning course offered by the Company?
Training that would benefit you but maybe too late now.
Yes - although you will have to pay marginal income tax and 10% penalty if blow 59.5 unless you roll into an IRA. Only makes sense to take the lump sum and roll into some type of IRA. Makes no sense to take the reduced pension payments.