When one retires, a date may be chosen to receive the lump sum or start annuity payments. Thus, a delay is possible. Can someone explain how they determined the optimum start date? Just watching interest rates? How long can you wait to specify the date and payment choice (lump or not)?
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60 is considered 'EARLY" retirement for you guys? Not by most standards. Anytime after 60 is normal retirement. In general EARLY retirement is roughly from 30 to 55. Do some research, guys. ALso, don't go by SS FRA. That has changed over the years in any event. Now if you live from paycheck to paycheck and don't LBYM, then that's a personal problem. But don't let poor decisions and choices get in the way of you learning what is considered early retirement. And no, it doesn't mean 1 year before someones previous age-old definition of a typical retirement age (i.e. 64). Early Retirement and FIRE is retiring because you can and you want to. You decide. You are in control . Google is your friend.
Yes, Chevron has defined age 60 as the Full Retirrment Age under its pension plan. It's stated in the Chevron Retirement Plan. Find it on the Benefits Connection website under the " Retirement" tab. You should print a copy or save it as a PDF file for reference.
Who defined 60 as the early retirement age? chevron?
Oh for crying out loud there's nothing wrong with using a financial advisor to handle your investments if you are not capable of handling it on your own. You just have to pay the fees. If you can keep it to 1% or below your should be fine. I know quite a few people who have no desire to handle their own finances and they don't have any problem handing that duty (and the fees) over to someone else. It's a matter of preference is all. They don't give a rats butt about whether the market's up or down every day, either. I wish I was like that too.
@I6G32i7-2ktr, You poor little butthurt loser Baby. We all feel so bad for you. Did you go see your new daddie, the Vanguard FA who reeled you in, hook line and sinker? Or is your new daddie from Schwab or Fidelity, all willing and ready to rape a little young pinkie noob without a clue? He can teach you investing 101 for losers who can't invest for themselves so they have to get assreamed by a FA. After he got you to bite, which side did he go in on? Did he use lubrication? You need to stay tight with your new lover daddie. He knows what's best for you and your(soon to be his) money!! You just bend over for your new FA Daddie and let him have his way with you and get his cut!!! Don't squeal too loud!! LOL.
@2bks, you are an obvious schmuck or just being a bothersome troll. I've had my 1-hour scheduled meeting with the Vanguard CFA. He wasn't "selling me" anything either. Just fulfilling his fiduciary duties as a Certified Financial Advisor, answering my questions and providing me several scenarios to attain a successful retirement plan. That was FREE. So was my 1 hour face-to-face meetings with Charles Schwab, Fidelity, TD Ameritrade and Edward Jones - all were FREE. These CFAs didn't "sell" me anything either, just provide FREE professional advise and work to provide me a workable plan.
Don't confuse these professional firms with those so-called wealth management companies offering schmucks like you free dinner seminars. I think the readers already summed you up as a jerk with nothing of mention to invest. Something tells me you will be working until 80 to pay the rent.
@2xyn, I did not understand you to mean a 30 min, Employer's Institutional 401k based service for a quick sit-down with the local schmuck-in-training from Vanguard, etc. as the use of a financial adviser(FA) for investment purposes. Haven't all of you had that spiel ad nauseam? Yes that introductory spiel is free. Shoot, I can get a free Ruth's Steak dinner to boot if I want from my local guy. Sure, you can get a free sit-down with any company, anywhere, if you are a a newbee to investing and need to learn the basics. Don't expect them to not try to get you to invest with them. They are in the business of making money. I did not understand the level of investment experience on this thread. I assumed it was retiree age with at least a moderate understanding of investment options, since the topic was lump sum, annuity, etc
The informed employee knows that seeking a 30-60 minute initial sit down with a Financial Analyst is absolutely FREE. I understood that's what @1rut was saying. But, two subsequent posters seem to have misread or misunderstood that point and went off on a tangent. Obviously after opening an IRA account, the investor will incur management fees and commissions.
@1jco, please disregard comments made by @I6G32i7-1udg, the "No Woman, No Prospects, No Job, No Future" guy. I don't believe that they are actual legitimate responses. I see him trolling and making that post here constantly at anyone that he disagrees with. It says a lot about him as a person and why he is trolling the layoffs thread all of the time. Yes, it's obvious who really has that condition and It's really sad. I suppose that he is seeking compassion/validation or something. To: "No Woman, No Prospects, No Job, No Future guy" (@I6G32i7-1udg)- Please keep your head up dude- we're here for you if you need a friend. Don't give up. Love you my fellow Chevron brother!
@I6G32i7-1udg, You seem to have the opposite opinion of FA's than anyone that I have ever encountered in my entire 40+ years of investing. They all charge fees and in general you can kiss that % goodbye. On top of that, I have never known anyone to use more than one FA at once aside from newsletter subscriptions. That would be financial suicide. They rarely agree with one another. I certainly would like you to elaborate on your comment. Care to give any details or recommendations? Thanks in advance.
OP, don't listen to advise from immature idiots like @1udu. Getting information from several financial advisors is power. No one says you need to commit to any one broker. All "Fiduciary" advisors are going to provide you honest advise that is in your best interest first, not theirs. The previous poster is a loser with No Woman, No Prospects, No Job, No Future. He also doesn't have two nickels to rub together or even care about investing. There's lots of losers like him around. Just dismiss him.
When you take also depends on your age. I still have 2 years before I reach early retirement age of 60. If I take my pension/lump sum before then it will be discounted 4.5% per year. So I am waiting for 2 years and watching the discount interest rates. If the discount interest rates start to go up I will have to take it sooner.
They are free but would strongly prefer and encourage you to invest with THEM, the only group who really has YOUR best interest in mind. Just so you know!!!!!!!!! ROTFLMAO!
OP, everyone's situation is not the same, so there is no optimum timing that anyone here can give you. However, if you sit down for a hour with a Certified Financial Analyst (CFA) and maybe with the input of a tax specialist for certain questions, you will get the best answer. But, generally talking to a CFA will get you pointed in the right direction. You may be happy to know that a 30-60 minute consultation with a CFA is free. Set up a meeting with one at Vanguard, Fidelity, Charles Schwab, TD Ameritrade or any broker of your choice.
We are waiting at least until the beginning of next year bc we are watching the interest rates.
You can wait as long as you want. From what I understand you file your request for a lump sum in the current month you choose. It is not processed until the end of the following month.