Ok simple question, I am only 58 but at the 75 rule. I start with company when it was Bellsouth, approx like 2yrs later they stopped pension and went to 401K. Question is can I or what age can I take the small amount in pension and move it too something that will make money, like an IRA or something, thanks!
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Move it all to crypto
You would resign then move your pension lump sum to a rollover IRA at Fidelity. Don’t take it out of a tax sheltered account. You could also move your 401k money into the same rollover account. Don’t spend until age 59 1/2. You will need to pay your medical insurance monthly if you take the pension lump sum, if you took an annuity your monthly medical is paid out of the pension income. Call Fidelity.
Most of these are +- correct, like one said, Call Fidelity!
1st, you say you meet MR75, you should be positive on that one. My math, says you might not be? You're 58, pension went to 401k, sounds like about 20 years service. At age 55, you need 20 years service. You might be close, but could be short.
I was Legacy SBC/PacBell. That pension is/was greatly impacted by current interest rates. According to my buddy, BellSouth, his isn't so greatly impacted. Again, Call Fidelity.
I had a huge pension increase around the time I gained MR75 eligibility. Your pension, maybe it doesn't make much of a difference. Again, Call Fidelity.
You should be able to request lump sum and roll it directly into an existing IRA or your current 401k, right now. There are no age restrictions on doing that.
You don't mention getting at your money, a couple have mentioned options. This somewhat summarizes
You can do a couple things at your age. 72T could be an option, Substantial and equal payments. Got the feeling, that won't be so attractive at your age.
There is also 'IRS Rule of 55'. you should google it, rather than me trying to explain here.
Both options, read up, understand as you can, formulate questions, then call Fidelity to crystalize what you think you know.
Why would you post something this important to a Layoff forum filled mostly with disgruntled folks? Call Fidelity or a good financial advisor. You have no idea the qualifications of anyone responding to you on this forum.
If you’re under 59 1/2 yiu can roll over your pension and 401k and then use 72t (IRS rule) so you can take monthly withdrawal. Look into that. There are legal options to tap into your money.
Interesting thoughts - you won't be able to withdrawl funds from anything until 59.5yrs old for use. There is a work around using a planned withdrawl rate but you should have cash on hand to get through until then. When you leave the company make sure to establish an IRA prior to withdrawl and have checks made into the administrators name for deposit. If funds are made in your name you will invite uncle Sam into your life at a rate you really don't need. The checks are made for example: TD Ameritrade for the benefit of YOUR NAME HERE.
I checked out three financial advisors prior to leaving at 52 with 75 rule. Life has been great!!!
Check out some on youtube: Heritage Wealth Planning. Advance Capital, or Dave Ramsey for solid information. Enjoy, life is to short to stay in a cr---y old job.
Assuming you're talking about a partial lumps sum, then that's easily spun into an IRA......it will go into a cash fund, and then you can design which funds and what amounts from your partial lump go into each fund.
No age or MR 75 required. When you leave you can do so.
When you leave AT&T at any age, you should have the option to roll the lump sum into IRA