Background: I have a pension from my very first job straight out of school. After I left that firm years ago the pension balance just grow slowly and now has about 7k. The other day I received a letter from them that says I'm now eligible to receive this Pension Plan benefit as a single lump sum payment immediately.
I don't need this money until I retire later on but need advise on what to do.
Here are my questions.
1) Should I withdraw this balance and move it to a new employer's plan or IRA? If so, what type of IRA account should I open?
2) What are the pros and cons of leaving the money where it is versus moving to my own IRA account? I do like the idea of having different retirement accounts under the same brokerage as much as possible (401K, Roth, Pension).
Submitted August 08, 2022 at 11:52PM by Snoo_64796 https://ift.tt/g78ZFLP
