Does anyone know if you can do both the 6 month severance and the lump sum pension payment at the same time if laid off?
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If you are eligible, you can take pension as an annuity, another option.
Been wondering with the terrible IRS segment rates Nov 2023 and loss of 25-30% lump sum value compared to Nov 2021 rates…. If I get whacked in 2024, and want lump sum, could AT&T force me to take it in 2024 at the terrible Nov 2023 segment rates (saving them $100k or more), or can I wait to take it in 2025 when the Nov 2024 rates are (presumably) better?
My job title was eliminated in 2012 i was laid off and got my severance. I had just hit rule of 75. So I was entitled to my pension. I received both. They are separate entities. Contact benefits for your pension.
Yes to the question, plus apply for unemployment right away if your state allows. Higher interest rates have probably slayed your lump sum value. If you are under 65 and do not need the money right away, I would do nothing in hopes the value will rise. Make the decision at 64 1/2.
You would always roll it over and pull it out as slow as possible. Wait till you need the cash then pull only what you need.
Taxes taxes taxes, it probably won't be possible to sync them two together ridiculously close cuz they're two completely separate transactions. Unless you need the pension part right away I would probably leave it until after you've got your other pay
Post ID: @rns+1qoedG6s Thanks!
Yes they are independent of each other. If you are under age for the payout with tax penalty roll it to an IRA so you don't get taxed until you can pull it out later.