Any help would be appreciated!
I left my prior employer last summer and they just sent me a summary of my pension fund options and I’m completely unsure of which one I should choose. I have the following options:
* Take a lump sum today: $13,547.35 (I believe I have to put this in an IRA so it’s not taxed)
* Take a lump sum at 62 (12/1/2056): $47,848
* Start benefits in March of this year (3/1/2023): $56.26/ month
* Start benefits at 62 (12/1/2056): $282.88 / month
* Start Benefits at 65 (12/1/2059); $338.47 / month
I worked for a public accounting firm, so it’s a private business and not a government employer if that matters.
How old are you? If you are 30 it makes sense to the lump sum today it will be worth more than the payout at 62 or the monthly at 65. If you’re 50 + personally I would take the 48k lump sum assuming you’re moving other investments into lower risk lower return investments anyway, making it less likely that the 14k invested will be > 48k…not really enough info provided here tbh.
You may find these links helpful:
– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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Lump sum at 62 comes out to a compound growth rate of 3.8%, which is pathetic.
Take the lump sum now and put it in an IRA, invested in a mix of U.S. and international stocks, or a target date index fund.
Even at a conservative 5% compound interest growth rate, taking the lump sum and investing today you end up with that 13K turning into about 82k by the time you’re 65. More if you assume better returns.
If your current employer allows it, you can roll over the lump sum of the pension into your 401(k) right now.
This is what I did when my previous employer offered me a lump sum payout instead of a monthly pension. I was 61 when I did this (I’m 65 now) which might not have been the best option; however, my monthly pension would’ve never increased whereas the lump sum will continue to grow.
So, IMHO it’s a no brainer to do a roll over with your current employer if they allow it.
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