When I say the word “Pension” to a 20 some year-old, most of them think I speaking some mythical language.
What the heck is a pension?
While most younger people are familiar with them, there are still some workers that still have them. The keyword is “some” though as pensions are becoming more and more rare being replaced by the 401k.
Recently, I had 2 different readers that both had pensions and had to make an important decision on what to do with them. In one case, her company was taking away her pension and, in the other; they were retiring and were exploring their retirement pension rollover options.
Should You Rollover Your Pension?
I’ve had many baby boomer clients that are faced with this tough decision. Does it make sense to take the lifetime annuity payout, or roll your pension into an IRA?
Here’s a few important items I told one reader to consider that should apply to you, too.
Have you had to make an important with your pension? What did you decide to do?