Pension question - love to hear your thoughts

Legacy_user

I'm 60 and my company is offering employees to take their pensions. Due to my years of service with the company (over 20 years) and age, I can start taking my pension at 100% now, while I'm still employed. There is a short window to decide if I want to role it over into my current 401K, IRA, or start taking annuity payments. I do have a nice size 401K amount, and continue to contribute to it, I also have another IRA separate from my 401K. My husband has an IRA and is working as well at a different company. Our house and cars are paid for, no children. Just two great fur babies.... My company also offers if I do retire before 65, to keep our health benefits at a reasonable cost until I can get medicare.

I went to a financial adviser and he of course tried to sell me an insurance annuity, or role over in an IRA. some with fees. I live in PA. which is one of the few states that does not have a state tax on retirement funds. I am in great health, so is my husband. I thought about the tax bracket if I do take it while still working, as it is based on total household income, which I think would be manageable.

Has anyone else been in the same situation and what did they find out with their research or anything perspective they can share. I did my the monthly expenses and what I can live on, before I start Social Security, as well as my adviser, and they say I am in good shape whenever I decide to retire. That is the big question, I'm not sure when that magic number will be. Most say, when you hate going to work anymore, that is when you know. So far, I don't mind, but it's getting pretty close.

two years ago my company transformed and a lot of people lost their jobs. There was an opportunity to take a package but I thought I still wanted to work. Again, my company is going through another transformation. Maybe fate will offer me a retirement package and that will make the decision for me.

squirrelpie

This is a UK board, so you're not likely to find many people that understand your situation. You'll do better asking on a US-focussed board.

ffacoffipawb

squirrelpie wrote: »

This is a UK board, so you're not likely to find many people that understand your situation. You'll do better asking on a US-focussed board.

And IRA has a different meaning in the UK.

bostonerimus

You don't give any numbers so it's impossible to answer your questions sensibly. For example I cashed in one small pension and rolled it over into an IRA and actually took 401a money and bought into my last employer's DB pension plan when I had the chance. So it all depends on the numbers, your other assets and your retirement plan