I formerly worked for a company that is trying to trim pension costs. This pension is no longer growing. In 20 years at 60 years, I can receive $1300 per month or I can receive a lump sum now for $63000. If I were to take the lump sum, the taxation would probably leave me with around $40k. I have various mortgages and student loans I could apply this to. I have a commercial property I'm trying to renovate, that will probably require me to refinance the mortage on. I believe there's a way to roll this over to an IRA without the heavy tax penalties. So it seems I have 3 options; Wait for it as pension payments, roll it to some other long term retirment option, or use it to save on interest payments now. Do I need to add any other details?
Submitted October 19, 2019 at 03:18PM by GryphonHall https://ift.tt/2oN2KaF
