Just discovered I have a pension Hi all! I am 37 year old who has been at my private sector job for 10 years. Due to recent changes, uncertainty and layoffs, I have ALMOST decided to quit and go back to school to become a radiology technologist next year (2 year program). I have a 401k with 6% match and I do contribute, but only 3% at the moment. This past week, I discovered I …

Should I take state pension job? Scenario #1: Civil Service job pays $108K, no step increases EVER again as its the highest step. Only raises are cost of living each year not guarenteed (1-2%). Will need to work for 20 years to collect pension which is 35% of 3 highest years average. This is NY tier 6 if you are familiar, it kind of sucks. I would retire at 63. The pension woul…

Rolling over pension into Roth IRA Hey All! If I get a check from cashing out an old pension and want to roll it into my Roth IRA, does that count towards the yearly limit? Also, how does the IRS know that it’s a pension? For something like a backdoor Roth, you have to fill out form 8606, is there something similar for doing this with a pension. Thanks! submitted by /u/Rea…

Best way to supplement pension? I’m way too late to the game, and just looking for ideas of where to start. I’ll be 39 next month, my wife (37) stays home and we have 3 kids 5 and under. I’ve got a decent job at $150k + benefits and a great pension, but I’ve come to realize that we’re going to want more in retirement. On top of the pension, I just opened a Roth that has $500 i…

Keep pension or rollover to 403b? I changed jobs and need advice on what to do with my old job’s pension. Among other retirement options, my old job had a pension that I’ve contributed roughly $45,000 to at the time I left. My new job doesn’t have a pension but allows rollovers to their 403b. I’m 40 and trying to figure out if should I leave the pension as is to start collectin…

Worth staying for 300 dollar pension? I work for a state, job is great, place and salary, not so much. I plan on finding a state or local government job in a place I like living in. However, I get vested in 4 years, I’ll be at 3 years when I leave, if I were to leave as soon as possible. The pension for working 4 years would be about 300$ a month after 62. I would also have the opti…

Choice between pension vs 401k With my employer I have a choice between a pension and a 401k. I’ve previously thought that pensions were the top of the line of retirement accounts because of their guaranteed for life benefits, but I spoke to a financial advisor and I was surprised when he steered my toward the 401k. His reasoning was that I should only choose the pension if I…

Pension but no savings Not sure if this is where I should post. I’ve never been given any tools as a younger person about personal finance and money management. I’m currently working in a job that will provide me a pension (I’ve paid 10% into since day 1). If I retire at 20 years, I will make 50% of my current salary, which is currently 170k. My employer offers a 401…

Is it worth working for teacher pension? I’ll try to keep this as simple as possible. I am 50 and would like to stop working (or maybe do some part time work or tutoring). I had previously planned to work until my full retirement age under the Teacher’s Retirement Plan (TRS) in Texas. But recently it occurred to me that I may be working to get more $$ that will just be offset with GPO….

Retirement planning advice with Pension I work for Union Pacific so I don’t pay into Social Security. Instead I pay into Railroad Retirement https://www.rrb.gov It pretty much pays 3x SS and my Spouse Get 49% of what I earn. My company offers a 401k but 0 match. They also offer a Roth IRA with 0 match and a post 1986 IRA 0 match. We do have an employee stock purchase program where th…

Should I roll over my old pension to my new 401k? So I just found out I built up a pension with my old job. A company I worked with when I was young notified me I have about $18k in a pension just sitting doing nothing. I left them to go to college and I’m now with a new company and I have a 401k and l I’m building up money in pretty well. Should I transfer that old pension into my current 401k…

Pension query, truth or lie? My partners Dad died, he had a pension with his workplace (where he worked for 30 years +) the initial beneficiary was his wife (Mum) but she died in 2013. Dad never updated the beneficiary details, when they come to speak with the pension folk..they have been told no beneficiaries, no payment and refusing to release the funds stating they have …

Keep pension or roll it over into 401K? My mom is 60, planning on retiring at 65, and was given an offer from the financial company that runs her pension. She can either: 1) Roll over 62K into her 401k or 2) keep her pension which will pay out ~$600/month when she retires at 65. One thing to note with her pension is that it is set up in a way that if anything were to happen to her, da…

Comparing pension and 401k My current job has a defined benefit pension. Monthly benefit at retirement (as early as 62 with no penalty) is calculated as $85×(years of service credit). I currently have 6.3 years credit and am vested. I average 1.1-1.2 years of service credit per calendar year. I currently contribute 12% to my 401k in addition with no match, balance is $38k…

What’s better a pension or 401k? I currently work for a town and I contribute 6% of my paycheck into a 401k and they contribute 9%. I’m looking at employment in another town that offers a pension but they don’t put anything into a 401k. How should I go about comparing the two? Is a pension better or is 15% into a 401k better? submitted by /u/fabricator123

Question about pension Hello all! I’m looking at a new position in a state-run college. They offer a pension of 6%. 3% from each check and 3% from the govt. My starting rate would give me $1,336 each check before anything comes out. Two checks a month would give a monthly pension accrual of $160. Each year I would accrue $1,920. They say the pension kicks in after 8 …

Rolling pension into a Backdoor Roth question My wife has a small amount in a pension fund (~$14k) in a school district she no longer is employed at. I have finally gotten enough information to roll those funds into an IRA rather than leave them there. We file MFS due to student loans, so any Roth IRA contributions have to be backdoor. I have a previous Roth IRA account from before we were …

What happens when a pension is underfunded? My husband and I are Texas educators. I keep hearing teacher pensions are underfunded, and we need to be saving for a full retirement outside of our pension, but what happens if a pension is underfunded? Would that mean we got 0 money during retirement from the pension? Should I treat my retirement like I’m not expecting a pension? We do not pay…

What to do with a pension for monthly income? I retired today. I need to decide what to do with $439,000 company pension plan. This is separate from the 401k. I am 55 years old and only want monthly income from the plan, no reinvesting dividends. I am single and have no heirs. I have a severance package that covers a year of my regular income so no dividends are needed until next year. Look…