This company picked a very worst time to let people go. The 401K is so depleted there's nothing left of it almost. Also if you take a lump sum retirement the interest rates are so high now you will take a big hit on that. Guess they don't care about people being in poverty.
10 replies (most recent on top)
you can cash out your pension at anytime if you leave the company. however for monthly pay out it starts at 55
I'm mid 40's, gotta pension, but the big lump sum amount doesn't show available until 55 on that fidelity website. Not sure if I can get the lump sum before 55??
Just like social security. In my mind the deceased monthly amount, which doesnt seem that substantial, outweighs waiting til 65. I plan you use personal saving and 401 first.
You can take your pension before 65 but they will cut it substantially. Then as they said earlier if you get a lump sum the current High interest rates are calculated into it and will lower it bye as much as 10% or more. You lose both ways
You DO NOT have to be 65 to take pension.
Can’t get pension til 65
Need to remember that newer folks have no pension. Just 401
If you worked during the Nabisco era your retirement is almost nothing. Under the old Nabisco system you would get 2/3 of your salary for life now they have screwed it up where you almost getting nothing
Yes I found out the hard way the higher the interest rates go the more they will cut your lump sum.
Until recently i wasnt aware the lump could fluctuate.😟