Thread regarding Chevron Corp. layoffs

-3Cmxj , If knowledge is power, than it is perfectly clear that you are powerless. For you are the one hiding from the IRS, braking the law and committing tax fraud, and falsely claiming that you are not distraught with anxiety and having to always watch your back. BTW, watch your back. Something may be gaining on you.

Knowledge is power, so I don't have to look over my back. And I actually sleep very well at night too.

It's clear we both have completely different points of view. You do things your way, 3Bget. I'll do things my way. That's all.

So you're a comedian too, 3Aryd. LOL.

If you are afraid of being audited, by all means, hide your illegal income. When the IRS puts you in jail (after one of your friends depreciates the furniture in his rental unit and they request a receipt), you can be happy you avoided an audit.

@3Ajff, I do pay federal taxes on my pension annuity income. It's not much, but I pay alright. The approximately $12k I earn selling my hand crafted furniture goes undeclared. I'm aware the income should be declared, but I know of others who have declared side income for their hobbies. They get audited every once in a while. It's a pain because the IRS is always suspicious the person is under declaring their real income. So, I've decided to not declare the first dollar of my hobby and fly under the wire. I work strictly out of my 1,100 sqft shop at home and sell directly to friends and associates for cash only. Fine furniture making is strictly a hobby and enjoyment for me. I sell just to make room for more enjoyment. The money I earn mainly goes into replacing old and buying new equipment. The rest is bowling and beer money. Retirement has been so good since I left Chevron. I hope you find enjoyment when you retire as well.

Those were my exact thoughts, 3zzpq. I opted for the annuity a year ago. My situation is I already have a lot invested at risk in the market through my Vanguard 401k and my own IRA. I also have my house paid off and don't carry any debt. My annuity payment, though not adjusted for inflation, provides me 105% of my pre-retirement budget expenses after paying off the mortgage. I'm actually saving a small portion of it. When social security kicks in about 3 years from now, that will surely keep me ahead of the inflation curve for more than 10 or 12 years. I have a small side business that is really a hobby making fine furniture that pulls in about $1,000 a month, tax free cash. The 401k and IRA funds is my safety net.

@3ylqa, all that is well and good. My take on the whole subject is that you can't win. The SOA made their findings on increased longevity known in 2014. Yet the IRS will not adopt the new mortality table until 2018. This "delay", for lack of a more appropriate word, is being done by design in the sole interest of private corporate pension plan sponsors, not the peon employees of those corporations. By design, interest rates were in the cards to start going up in December this year. They will likely increase 4 more times before the IRS gets off their tuff and adopts the new tables. By then, the impact of a possible lump sum increase by virtue of the new mortality tables in 2018 will be greatly reduced by the increase in interest rates. In the meantime, big corporations with private pensions like Chevron have been given the latitude to clear the decks and layoff as many of their older folks before the change is adopted. As you can see, don't ever expect to have an easy win. Big business and the government are in bed with each other.

@2Rxcd- You make a good point, for those trying to decide the Lump Sum vs. Annuity decision and if Lump Sum, when is the best time to pull the trigger, I recommend reading the US Government Accountability Office's report from January 2015 titled: "Private Pensions - Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits". Unfortunately, the IRS has not yet adopted the new mortality tables and will continue to use the old ones through 2017.

Excerpt from the report on Mortality tables:

Current Mortality Tables

The mortality tables which sponsors must use in determining minimum lump sum amounts provide another incentive to conduct a lump sum window at this time. This is because the tables currently required for this purpose under IRS regulations do not reflect the accelerated rate of longevity improvements that have occurred in recent years. These longevity improvements have been reflected in updated mortality tables recently released by the Society of Actuaries (SOA) and they are expected to be adopted by IRS for lump sum calculations, but possibly not until 2016.(39) The new SOA tables reflect a longer life expectancy for individuals, and when used to calculate lump sums will yield correspondingly larger lump sum amounts.(40) Thus, sponsors making lump sum offers prior to IRS’s anticipated adoption of the new tables can realize substantial financial savings since their lump sum calculations will still be based on older tables. According to SOA, the new mortality tables reflect a 10.4 to 11.3 percent longer life expectancy for individuals age 65 in 2014 (41)—increases that could translate into lump sums that are markedly greater than those based on the current tables used for 2014 lump sum calculations. (42) Therefore, sponsors with lump sum payouts exceeding, for example, $100 million could potentially save millions of dollars by taking action before the adoption of new mortality tables, all other factors remaining the same.

Prior to SOA’s release of the new tables, in August 2013, IRS announced that the currently required tables will continue to be used for the calculation of minimum lump sum payments in 2014 and 2015, and IRS officials we interviewed said there is currently no timetable for when it will adopt new tables. They said nothing precludes IRS from adopting new tables prior to 2016, but they said it will not occur until the agency completes its issuance process. Several pension experts are of the opinion that the switch is not likely to occur until at least 2016. Until then, sponsors can continue to use the current mortality tables and generate relatively lower lump sums, providing a window of opportunity to implement a lump sum window at lower cost than in the future.

Illustration of How Use of Current versus New Mortality Tables Can Affect Lump Sums

Jane is 45, has a lifetime deferred retirement pension of $10,000 a year starting at age 65, and was offered a lump sum in October 2012.

Jane’s immediate lump sum would be $35,944, calculated based on new mortality tables reflecting more up-to-date longevity estimates.

Jane’s immediate lump sum is $32,453, calculated based on current mortality tables, or 10 percent less than it would be using the new tables.a

Source: GAO analysis. | GAO-15-74

(39) SOA released its new tables on October 27, 2014. Based on historical precedent, experts anticipate that IRS will adopt the final SOA tables for use in the calculation of lump sums, in some manner, after considering certain technical adjustments. SOA has stated that an important motivation for its study was the requirement that Treasury review prescribed mortality tables at least every 10 years. SOA also recommends that the mortality improvement model be reviewed at least every three years, and designed its model to facilitate ease of updating.

(40) In this report, we use the term “mortality tables” to refer to a combination of a base mortality table, which measures mortality rates as of a base year, and a mortality improvement projections scale, which estimates annual improvements in mortality beyond the base year. The mortality tables currently required by IRS are the RP-2000 tables with Scale AA mortality improvement. These tables form the basis for the unisex tables constructed for minimum lump sums under 26 U.S.C. § 417(e)(3). The new table released by SOA is known as RP-2014 and the mortality improvement scale is MP-2014.

(41) Specifically, the tables reflect a 10.4 percent increase in life expectancy for males age 65, with an average life expectancy of 21.6 years, up from 19.6 years. The tables reflect an 11.3 percent increase for females age 65, with an average life expectancy of 23.8 years, up from 21.4 years. The percentage increase in any lump sum will generally be somewhat less than the percentage increase in life expectancy because projected future payments are discounted with interest to determine their present value in calculating the lump sum. Also, unisex mortality tables are used for the purpose of determining optional forms of benefits from qualified pension plans, so the new mortality tables ultimately adopted by IRS will reflect some blend of male and female life expectancy.

(42) The Society of Actuaries report presents a range of calculations of single-sum annuity values, which are equivalent to lump sum calculations, under a variety of interest rate assumptions. Under one of these calculations, based on SOA’s projection of required segment interest rates, SOA estimates indicate that switching to the new mortality tables in 2016 would increase hypothetical s-x-specific lump sums by anywhere from 3.6 percent to 16.9 percent for males and by 5.8 percent to 11.8 percent for females, depending on current age. These calculations assumed a pension starting age of 62 for those younger than age 62, and are shown for every tenth age from ages 25 through 85. The impact is lowest at age 55 for males and age 65 for females, and is greater at younger and older ages. Actual lump sums are based on unisex tables, so estimated increases would be somewhere in between these s-x-distinct estimates. Also, as already noted, there are technical choices that the IRS would have to make in adopting these tables, and one of these is whether projections of future mortality improvement should be “static” (where the degree of mortality improvement varies only by age) or “generational” (where the improvement varies by both age and calendar year). The current IRS methodology for determining minimum lump sums uses the static approach, but SOA recommends using the generational approach for pension measurements, and the estimates of lump sum increases presented here assume that the IRS adopts the generational approach.

http://www.gao.gov/assets/670/668106.pdf

I was laid off at 58, waited 7 months until I was 59 and then submitted my retirement papers. Before all that, I provided Chevron my SS Statement. That bumped my pension by an xtra 7.2%.

The new mortality tables are supposed to increase lump sum payments at least 5%, but unfortunately, they may not be implemented until 2018.

No hurry here. Many jump too quick, at the urging of Chevron and take their $$$ the first day of the first available month. That's typically a huge (in dollars) mistake. Run your online calculators and see what you will get if you wait three months, six months, a year etc and do what's best for yourself. If you're under 59 you will have substantial growth every month as it normalizes. For the package request one, look it over, figure it out. If you don't send it back within 90 days simply call and get another one. Make the right decision for yourself. My thoughts, around February 1st of next year for my circumstances and optimized return.

I've held out and now it looks like the Dec 1, 2016 lump sum pay out may see the segment rates at their bottom.

@H6OE6tP-7bnd, When I use AnyPIA, I am able to enter my earnings - that I personally have records of, then I can calculate my SS benefits at early retirement age(62) and any age thereafter up to the maximum benefit which occurs at 70.(plug in "date of entitlement" in forms/supplemental worker info") My FRA is 67. Are you having trouble with that?

I am having trouble with those inflation type estimators in the "Assumptions" sections. I understand that those 2015 Trustees Report Alternatives - I, II and III are not as conservative as "No increase" but again that is not likely either.

I think I figured out the most conservative one. Any Advice? Thanks in advance.

7bnd, I used the AnyPIA calculator as well and reduced the Full Retirement Age benefit it calculated using the same table you referenced in your post. For AnyPIA to calculate things correctly, you need to input your actual social security wages (not gross wages) into AnyPIA starting with the year you were 22 years old (even if it was zero). Don't enter values for years prior to 22 years old. Also enter zero for the year in which you terminated with Chevron (if EOI'ed in 2016, enter zero wages). All years after termination until 65 and beyond should be entered as zero also. (You need to mimick the Chevron formula). Once AnyPIA calculates your Social Security "Full Retirement Age" benefit, reduce it using the age reduction table you provided from the SSA.gov website to manually calculate your Age 65 Benefit. If the benefit using your actual SS earnings is lower than Chevron's Age 65 PIA (offset) number, then you will gain by giving Chevron your social security earnings statement, as Chevron will be obligated to use it, thus reducing the offset figure in their default formula. - It worked for me. I gained 16% more in my lump sum payout. It will also increase your month annuity payout if you choose that form of pension.

@7wax, you are correct about using the AnyPIA SSA calculator. In my experience of using AnyPIA, I found it easy enough to use, but it's not simple either. There's an instructions document you can download, but that too may be a little confusing. I recommend the use of AnyPIA, but it would calculate your age 65 benefit. It will only produce your age 62, Full Retirement Age, and age 70 benefits. To figure your age 65 benefit, you'll need to take note of your Full Retirement Age (FRA) benefit amount, then go back to the SSA webpage and find the table that will provide you your age 65 factor. Multiply your FRA by the age 65 factor. This will produce a number that is less than your FRA, which in fact is your actual Age 65 Social Security benefit. If the SSA Age 65 number is smaller than the number calculated by Chevron for your Offset, then providing Chevron your Social Security earnings statement before commencing your pension will yield you a larger payout, both in lump sum or annuity.

Use this webpage from the SSA.gov to find your Age 65 factor (select the hyperlink for your year of birth to get the correct table to use): https://www.ssa.gov/planners/retire/agereduction.html

To compute your age 65 Social Security benefit using actual wages from your SSA statement with inputs for estimated wages in 2016 and 2017+ ($0) use the AnyPIA calculator available on the SSA web site (https://www.ssa.gov/planners/retire/AnypiaApplet.html). If the number provided by this tool is less than the age PIA calculated by Chevron, then you would be money ahead to submit the SSA statement. Can anyone verify using actual data submitted to HR and compare to the AnyPIA tool?

Thanks,

EOI'ed - 1H2016 ESP

@5mrb, you can request a pension commencement packet and decide not to sign it. It is valid only for 90 days before it expires. To commence your pension, you would need to request a new one again. But, to answer your question... No, you are not obligated to sign it. You can let it expire if you like.

If you request a pension packet with the 90 day period, or you obligated to take it. Can you not sign it and it won't go into effect..

You are correct, 2azq. Interest rates could go up in the future and therefore reduce your lump sum somewhat. However, the Fed announced yesterday there would be no rate hike since the US economy is not showing enough signs of recovery yet. Be that as it may, when rates ultimately do go up, it will assuredly be in very small increments at a time with a few quarters in between to allow the Fed to gauge the results of the increase. Conversely, if rates rise, so will the annuity benefits. Another thing to consider is if the retiree is under age 60, the longer he waits to commence his pension, the lesser the Early Retirement Factor (5% annually) would be. One can feel more confident that if interest rates rise slowly, the reduction in the Early Retirement Factor will have a counter effect on the higher interest rate. Just an opinion to consider.

Looks like the consensus opinion is if you don't need the money don't file the pension paperwork until you turn 60. The risk of course is a spike in interest rates which would have a negative impact

Tyif et al. Thank you for your feedback. Nice to see some sympathetic and objective responses rather than the usual vitriol and imaturity seen on so many posts. We're all in a difficult place having to learn our options sooner than expected and make life decisions in a short time frame. I wish you all well in your futures and hope that this site can become more supportive and less ignorant than some posters want it to be.

My experience and that of several of my compadres who terminated Dec 8 2015, was that the 'automatically mailed' packets didn't get automatically mailed. The severance papers showed up Dec 10 OK, but the Cobra package and the retirement package didn't; we all ended up calling TALK2HR and requesting them and they shipped them out right away. So don't hold your breath too long - the folks at TALK2HR are very helpful. It is obviously a zoo inside Chevron HR right now with all this internal chaos and it would be very easy for a given individual to fall through the cracks. Don't worry about pestering the TALK2HR people until you get all your concerns addressed - these items are too important to let them get screwed up.

Understood about the 3 items you are waiting for. If you think I much time has taken place and you haven received them yet, follow up without delay.

There is a COBRA packet that should be coming... no we haven't requested any Pension packets yet. There are 3 things we really are waiting for- the COBRA paper to continue the insurance for 6 months, the waiver to sign for the severance, and papers to be able to continue the Life Insurance, at this time that is all we are interested in addressing. Really I don't we will request the pension packet until Jan 2017.

If you can afford to, do not do anything with the first package they send you, which will time out after 90 days.

Reason is, if you take the lump sum OR the annuity the first month after you retire, (which most probably do) you will receive the absolute least that you could get. By waiting at least a bit over three months, what you get will jump substantially. I think they know this, and still try to get to execute ASAP.

Don't take my word for it, go to the online benefit estimator and model scenarios yourself.

@1tbv, your plan makes good sense to me. But like the next poster pointed out, your COBRA coverage will end Dec 31, not mid month. This coincidence if it ending on Dec 31 plays to your favor, because you can plan on initiating the Obamacare plan of your choice on Jan 1, 2017 without a lapse in coverage. If you plan to proceed this way, make sure you inform Chevron and ADP COBRA Services (at least 45 days in advance) of your intent to discontinue COBRA after Dec 31. If you do not, they will assume you intend to continue it. Trying to back out after Jan 1 will be harder on you. You can always shop for Obamacare coverage during its Open Enrollment period and set up your Healthcare.gov online account (application) during the Oct/Nov enrollment period to have it established and ready to go for when you actually are ready to choose a medical plan.

Best of everything to you. Always plan ahead and take meticulous notes including dates, times, name of persons you spoke with, and dates of expected results/deliverables. Follow up diligently. Remember that Chevron HRSC and ADP COBRA Services may be swamped handling more requests than usual.

@1lcf, the only packet you will receive via FedEx is your Waiver Agreement, aka "Severance" papers. If you are referring to your Pension Commencement packet, this will be sent to you via USPS in a large white envelope. The severance papers arrives about 1 week after your last day on the payroll (after the 60-day WARN period expires). The Pension Commencement packet takes about 7-14 days to arrive after you have requested it. If it has been longer than than, call 1-888-TALK2HR to follow up.

I am the wife again... You will have coverage thru Dec 31, 2016. Insurance does not stop mid month, you pay thru the month. My husband and I are thinking the same except I am employed and will get on my companies insurance plan. Good luck to you all in your next phase of what life has to offer. To all of the posters did you receive your 1st packet, we haven't received ours yet. I was told it comes fairly quick by Fed Ex, but we didn't get it yet.

I was just thinking about this and came across this post fortuitously. This is what I was thinking.

1. Use 6 months cobra coverage until December 13th.

2. Use obamacare until age 65 (low premium, high deductible vs continued cobra at high premium low deductible). Assumes zero income until 58/59 thereafter $100 k annual pension. Currently 55 yo.

3. At 65 revert to CVX retirement insurance with 97% company contribution.

Does this make sense ?

@muk, you are correct about having to maintain a low annual income to max out on the generous subsidies than Obamacare doles out to the insurance companies. In my case, I opted for the lump sum, but I already had paid my home off last year and have been debt-free for a long time. I am drawing just below $30,000 from my 401k (avoiding the IRS 10% Penalty) since I'm not yet 59.5 years old. I also have over $100k in liquid cash in local banks as a buffer in case extra expenses are needed. You will need to go to www.healthcare.gov to run done scenarios on premiums, since the costs are dependent on the State you live in, marital status, children, etc. The site should also answer your particular question on subsidy levels. In my case, keeping my total taxable household annual to no more than $28,000 gives me the maximum subsidy in Houston for me and spouse only (no children). Having children under 12 or so, will earn you additional subsidies. Check it out. It's good.

@H6OE6tP-sys, From what I understand, you need to keep your actual income very low to stay in those highly subsidzed ACA divisions. That includes any investment returns, correct? How did you do that, if you don't mind giving out that info, and what is the max MAGI(modified adjusted gross income) that you need to stay below? And did you opt for the lump sum or annuity? Thanks in advance.

@qcm - You are not obligated to commence the Chevron pension until you decide. You can even go years before starting it. I'd say that since Chevron's "Full Retirement Age" is set at 60, that the ex-employee plans on working elsewhere, best not start the pension. Starting the pension too early before age 60 will reduce the benefit payout somewhat and also increase your total household income. Nobody likes to pay Uncle Sam more in taxes. However, when to start your Chevron pension is always an individual choice. Everyone's financial situation and goals are different, so there's no set rule. Just to answer your question... you can start your pension later on if you choose.

Chevron provides every SESP qualified retiree with 6 months of subsidized COBRA medical insurance at the same rate as when you were an active employee. If the 6 months is to go into next year, you will be able to elect the same or different plan during Open Enrollment and continue on subsidized COBRA in 2017. Federal law allows COBRA coverage for a maximum of 18 months, therefore once your subsidized 6 month period ends, you can still stay covered, but at much higher non-subsidized rates. I'll tell you right now, it's extremely high. For me and spouse, I was quoted around $1,150 per month. The same thing goes for Pre-65 retiree coverage with Chevron. Despite having a 100% Chevron medical contribution to your favor, the retiree pool is much smaller than the active employee pool. Even though it will cost you a little less than non-subsidized COBRA, it will be expensive. I opted to go onto the Healthcare Marketplace and found an Obamacare HMO plan for an excellent low rate. I plan to keep this Obamacare plan (if I can) until I turn 65, then I'll see what the Chevron rates are during Open Enrollment. I will expect a much more acceptable rate once I'm 65, since then Medicare kicks in and the Chevron medical insurance will become moe of a supplemental plan, which will come with a lower rate. This is where your Chevron Medical Contribution will help save you money. So the bottom line is... you don't have to enroll in a a Chevron medical plan right away. You can join it later in life. You can even join, then quit, and join it again. It's there whenever you may need it. In your case, you mentioned another option... if you have a working spouse, you can join the spouse's employer medical plan once your 6 months of Chevron subsidized COBRA runs out.

It pays to to think things forward and have a plan with several options. It seems to me you are already ahead of the curve. Congrats.

So if we choose not to touch our pension until a later date. When do we apply for Retirement benefits with Chevron. We would like to use the 6 months of COBRA coverage at the current rate. We have not received our initial packet from April 7 yet. Should be coming any day. If the retirement insurance premium is as high as they say, my husband and I will most likely obtain coverage at my employer for a much lower rate. So I guess my question is, what is the timeframe from the time you stop working until the time you have to apply for Chevron's Retirement benefits... if the insurance premium is as high as they say, I can't believe that is a benefit. We would like to keep the life insurance. Is our hand going to be forced to apply for retirement benefits before we want too just to keep the Life insurance.

There are some very astute comments from posters talking about their pension and retirement plans. It's your hard earned money, so think well and get all the information that answers 100% of your questions before jumping into any financial decision. Most Financial Advisors mean well and will answer your questions truthfully, but most important is that you must ask the right questions.

To @qac, the wife whose 55 year old husband EOI'ed from Chevron with 37 years of service, I congratulate him for his long career. It's a great achievement. Your financial plans are on the right track. As his wife, you still have a good paying job. He is also planning to continue working elsewhere. So as long as retirement is not in your immediate plans, holding off on commencing the Chevron pension is the right choice for now. No need to hurry into it. Although your husband will no longer work for Chevron, the pensions value will still increase, although much slower than before. By waiting until he is closer to age 60, the Early Retirement Factor will become less by 5% each year. Also, by keeping his 401k intact at Vanguard, he can benefit by not having to be penalized 10% by the IRS, if there's a need to dip into it for an emergency withdrawal. Chevron employees who leave the company between 55 and 59.5 years of age have the IRS penalty waived. So keep that money in Vanguard until he is at least 59.5 years old. Once he commences his Chevron pension, both of you can decide if an annuity (current rate of return is 6%) or a lump sum is the right choice. If you choose the lump sum, have a direct rollover made to an IRA (even at Vanguard) that will give you many more investment choices to invest your pension money. One last thing, your husband need not present his Social Security Earnings statement to Chevron before claiming his pension. In his case, it will not hurt or benefit him. From the info you provided, he began his career at Chevron when he was 18. The Chevron Pension formula employs a Social Security Offset calculation that goes back to age 22, therefore Chevron already as his actual SS Earnings history.

To @zyc, there is an extensive discussion about the Social Security Offset on this board. I think the thread was titled, "Annuity vs Lump Sum". This is also a subject everyone at Chevron should ask HR to provide much more information on. The Chevron Retirement Plan (SPD) posted on the Benefits Connection website does not cover this very important topic well at all. In fact, it's way too purposefully vague. For many employees who have less than 25 years of service or started with Chevron well after their 22nd birthday, knowing more about how Chevron estimates the SSO is in your best interest.

If you are in your early 50's. , if interest rates stay the same , if you don't take it out, looks like you get a 4 to 5 percent return which in this low rate environment is pretty good. Once you turn 60, no increases except for the interest rate impact. So if you don't need the money , isn't it better to leave it as is at least until you turn 60 ?

Maybe Iam missing something, so appreciate feedback from the more experienced folks

Also , there is some talk about IRS using a new mortality table which may increase lump sum, ?, if anyone has details on that please share

I would encourage the last person to manage their own money. You have already made some very astute observations which tells me you are on the right track. I can only imagine your "investor" is an FA(Financial Advisor). They work based on getting a percentage of your portfolio( 1 to 2 %) annually. That's a lot of money. Of course they want it. And they want you to save , not spend, even if you can afford it, because it benefits them. Not that saving is a bad thing. A handful of portfolios and those guys are rich puppies. The bankers and financial advisors are the most wealthy people in the country. These FA's do very little for that 1.5%.(typical). You lose that money. You can easily beat that by rolling this 401k and/or lump sum into a self-guided investment account invested in low-cost index funds and/or ETFs. You can speak to anyone at one of the brokerages and figure all this out. Get online and research this and one of the many websites. The retirement sites are good for that info. There are a lot of set it and forget it portfolios, Target funds, etc, if that is your bag. Although those target funds are a little more expensive since they are managed more heavily. ETFs are the most efficient unless you don't mind buying individual stocks. It is not very hard. It is the equivalent of having a 401k where you pick the funds. In fact, Vangaurd, who Chevron uses, is one of the best and pioneered the low-cost index funds. You just need to roll it over into a Rollover IRA. Sure - they will set you up with a FA and they want to, but it's just expensive and not necessary in many cases. They also do semi-managed accounts for a little cheaper, from what I understand. If you earn 1.5% annually less than what a FA makes for you, then at a minimum you break even. In most cases you make even more with simple index funds.

My husband put in an EOI and it was granted. He has 37 years with Chevron. Your question is a good question because we are not sure what to do either. His investor he plans on using called 5 days after April 7. We told him we were not ready to make any definite plans yet. Nor ready to meet with him. We feel with the severance we have time to figure out what we would like to do. My husband is only 55 and we do plan on taking a lump sum with our pension. I am also employed and make a really great salary. We are thinking of just letting our money sit until after Jan 1, 2017 and then move our money into a 72T IRA account and begin drawing our SEPP payments. We want to take our time. The investors want your money but they don't want you to want your money. Also my husband does plan on going back to work, so we wanted to take sometime and see what that also brings. Your question is good because we aren't sure at this point what to do either. If we leave it there for awhile it will continue to grow, not like it won't be earning interest. Also we plan on not moving our 401K until that time either. Some people on this board can be so sarcastic when people really have questions they would like to hear what other people are doing.

How to calculate SS offset?

Iam also planning to submit my social security statement as well. i have a 200 $ difference between my age social security statement age 65 payout and the chevron PIA estimate