I initiated retirement in October, sent in paper work, last date of employment in December, I requested lump sum pension effective 1/1/21. received response HR had received paperwork and they would let me know if they needed anything else. As I understand it, they will wire funds to my account last dat of January. Is this what others are expecting?
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Yes Indeed, great rates. Thanks for emphasizing that. Chevron is not perfect, but an honorable company to be compensating it's employees with generous severance and pension payments. Many companies do not. And all majors have highly paid CEO's, CFOs CIO's etc., many not as successful and more ruthless with layoffs so save your belly-aching. I have no regrets.
Rates are in the process of falling again to below last months near bottom level. Good news for those receiving the lump sum in January and Feb.
Rates bottomed out last month and are now higher....
Interest rates are not going up any times soon. No real need to get it early. The Fact this employee wants his pension SAP tells me she or he is really hurting fro $ and has not planned for retirement. Also getting this year or next is not relevant because most will roll into an ira anyway.
No $hit , Sherlock. You cannot get your pension before you retire.
If your last day of employment is the 14th of December, you cannot request Dec. 1., from what I understand. At least that's what I was led to believe by HR.
No you can still request Dec 1.
From what I understand the only choices I have now are January and Feb, maybe March, etc. Who would be able to get their lump payment in December that hasn't already requested it earlier? They said I need to request by the first of Jan even to get it in Jan. Nov 30 is soon.
That’s what the previous poster said @6krh. What was it you failed to understand? Don’t take credit for what others have already commented. It’s similar to plagiarism.
You will roll your pension lump sum directly into an IRA at Fidelity. No tax whatsoever. Year makes no difference.
You should plan to delay your lump sum pension payment late enough for it to arrive after Jan 1, 2021. If you can’t delay things sufficiently to be paid in the next tax year, have the lump sum rolled over into an IRA. You can take your distribution in 2021. That will lower your overall federal tax hit.
If it puts the lump sum in the 2020 tax year, then that's a no go. The tax increase will offset the small interest increase.
so is the Lump Sum wired the last day of the month benefits are requested to commence?
Cancel and switch to 12/1/20
Uh,.. yeah, and whatever you do, don't take financial advice from anyone on thelayoff.com.
Lmao!
in terms of investing, the comment previous about "where and when" didn't imply no clue. Rather, with a lump, key question come up like whether "all at once", "dollar cost averaging", "blend of short term verses stocks", '"buying in high verses low". For example, someone getting their lump sum say, last year at end of Feb 2020 ( I know a few who retired last year) who got advice "go for stocks" may have been sweating bricks for numerous months after COVID k–led market, ....but, as we see, stocks have come back verses MMF's which are no loss, but .1% paltry rate...
@3glv, Very good advice, You should seek some help from a financial advisor if you're having trouble. I't's good to know that you have put that in the hands of someone more qualified, in your case.
@2grj Get some help
If you don't have a clue about investing at this point in your career it's highly likely that you never will. just sayin'....
It's all normal. They will mail you a confirmation about 1.5 months before you pay off (likely early December). Just make sure HR has the fidelity routing and IRA account number for lump sum. Mine is scheduled for December. January is only slightly lower. Yes, great timing for all for lump sums...
Of course, key once received. Where and When to invest?
@1qvq, looks like you're the only one around here who's life svcks, lol. Ever get tired of projection?
Sounds about right. I stared with -$40000 net worth and am leaving the company 12 years later with $1.6M. PSG 22.
@1qvq I started with approx. $0.500 MM net worth when I hired on 14 years ago and now I am leaving the company with $3.9 MM in investable assets alone thanks to stellar stock market performance in recent years. So I have the option of retiring young, or not depending on location but I'd prefer to work longer. If that's what you call a life that s—s, I'll take it, thank you very much, Chevron!
Epic lump sums!!
@1ngc+182ad7gP glad your life s—s
It’s is amazing how far rates have fallen and how fast. We must be at or near the bottom at this point,
Most of the laid off people here don't get a lump sum at this time so not really sure who gives a fk about all the updates that you feel you have to give incessantly on the layoff.com where more people just need a job to put food on the table than anything else. run along ol man without a life or friends to communicate with.
The October rates were just published and they are higher, so the best date to choose for the lump sum is Dec 1, 2020. If you choose January, your lump sum will be reduced due to the higher rates.
The Dec 1 rates are the lowest rates every by a huge margin. Congratulations retirees!
Yes and move it into an IRA to keep the funds safe from IRS Taxes until you are ready after age 59 1/2 or 70 if you are rich and don’t need it then you’ll have RMD. While in the IRA invest in ETF’s S&P or any numerous other financial vehicles to ensure your future life funding. If you are under 40 throw it to the wind and invest in Bitcoin. That will be $1199 dollars thank you. Lastly this is free if you read up on the subject.
what is the issue here? do you have a specific problem or issue? you are not special. everyone is being treated the same. if you are having a problem or have a grief, please post it. this is not a chat forum.
Yea