I caught a lay off recently. No pity, we're pretty fortunate financially. But I don't know much about the choices I need to make and I'm hoping for some general advice. I'll be 57 when I go off payroll on July 1.
I've been through a few company acquisitions, so I have, all with the current company name attached and managed by the same 3rd party account:
- Retirement Income Plan Service Based Program (Vested)
- Retirement Income Plan (Cash Balance, Vested)
- Savings/401(k) Plan
I'd appreciate any general advice. I don't really know the differences between a 401(k) vs an IRA, etc. Whatever I roll over, I'd like it to be at Vanguard with some other stuff.
Retirement Income Plan Service Based Program (Vested)
We can immediately start drawing low-4-figures/mo. or get a mid-6-figures lump. There's no advantage to delaying this one -- with a later start, the payments stay the same and the lump amount goes down.
The income stream is appealing, but I'm paranoid about the company screwing us someday. (The acquired company I was in took health care away from retirees many years ago.) How do I judge that risk? Also, we have enough non-tax-advantaged savings to make it to 65 and could roll a lump into an IRA (or ??).
Retirement Income Plan (Cash Balance, Vested)
Mid-5-figures lump vs low 3-figures/mo. The lump or the monthly payment go up a bit if I wait 8 years to age 65. (Due to investment growth, not more input.) Can I roll this over like I can the other pension and the 401k?
Savings/401(k) Plan
Low-6-figures. We'd definitely roll this over into an IRA (or a ?).
Any advice? Thanks.
Submitted May 09, 2020 at 08:49PM by LayedOffAt57 https://ift.tt/3dIeZcn
