I am planning to leave on my 5 year anniversary and wanting to estimate how much my pension will be worth.
How accurate are the pension calculators? How much did you get when you left? Is it worth it to take the cash or let it ride until later?
15 replies (most recent on top)
@xiv+1nFP8dYC and @orb+1nFP8dYC, how many hours a day do you spend under your bosses desk?
My lump sum actually went up about $30K from what was calculated to what I received, ~7 months after I took the PIL (shy of retirement by 4 years, couldn’t take it anymore.)
Had been 20 years with the company at a CL26. Interest rates must have impacted that, it was a nice surprise - rolled in to my 401K.
It’s accurate to the penny if you leave and claim your pension TODAY.
However, interest rates will fluctuate between now and when you actually pull the trigger.
I quit earlier this year and got absolutely hosed on my lump-sum pension payout (which I rolled over to a IRA) thanks to the aggressive discounting from sky-high interest rates. Still glad to have taken my cash and run away from the dumpster fire that is EM. Congratulations on your upcoming escape!
If you're only 5 years in,then take the cash and invest it wisely. Pension calculator on Company website is correct
50K to 70k based on your Salary.
Is pension vested at 3-years or 5-years? It’s been so long, I don’t remember. Just wouldn’t want you hanging around any longer than you have to if it’s 3-year.
When you leave they’ll send you a packet in the mail about 30-90days later with your pension options. I’d take note of all of those estimates and amounts so you know ahead of time. Good luck.
There are implications on the day that you set as your last day. It determines the lump sum calculation because it’s tied to interest rates. Watch out for that.
Op.
The math is pretty accurate. Take the cash. Check with a financial advisor on what the rules are for where you can put the money to avoid any taxes.
Ignore the fine men and women here that are being a$$3$. They are likely the people that make this a bad place to work.
To those of you be such fine people to OP, karma is a ....well you know.
Pension calculator is accurate. Take the lump sum and roll it into your 401k or some other tax differed account. Good luck!
I say 8500
Do you vest the day of your 5yr anniversary? I’m tentatively planning to do the same thing but I haven’t read up on if there are technicalities to when exactly you vest.
@ @dzb+1nFP8dYC sounds like you’re recent performance feedback?
@xiv+1nFP8dYC what a piece of cr-p you are!!! Unbelievable!
Op guessing your NSI material?
You will be missed… Not
In your case the calculation is pretty easy, it’s 0 + 0. Drop your badge at the gate