Called Fidelity to cash out the pension, only $13k and I need it for some unexpected bills. No longer working for T.
I was told I am only eligible for the monthly withdrawl. Also, occasionally AT&T will send out letters to pension holders no longer employed offering a lump sum.
Can I get a 3rd party advisor to pull it into a ROTH IRA? Am I stuck until I get the letter?
My financial advisor said to always take the monthly pension. Not the lump sum. Yes, you lose the $ if you die...but otherwise you'd have to make at least 6% per year on what you roll out/over to your own management or that of another financial group. Yes, past two plus years have been great, but I think everyone can agree, that is an anomaly and we are long overdue for a market correction. I'll take the monthly over lump sum.
"My financial guy said he couldn't find anything that could match what those numbers would be..."
You need a new financial guy. That 200K will work a lot harder for you invested in good mutual funds in an IRA and won't die with you (or your spouse with the reduced spousal benefit).
11 years. I was vested. Told no lump sum by Fidelity. Gotta wait for letter like they sent last summer.
Any vested person at AT&T can get the lump sum payout.
@1ksw Keep in mind there is no COLA (cost of living adjustment). Your purchasing power will decrease every year. Use the simple "Rule of 72", your purchasing power will decrease by 50% in ~20 years at 3.5% inflation. Your financial guy is not giving you the whole picture in your retirement years, good luck
At only 13K if your not fully vested, at least 5 years continuous service, you are unable to get lump sum anyway
I was let go in 2004, this past summer we were offered to take the lump sum (which I didn't). Now I can only take the monthly draw. Fidelity ran the numbers for my monthly draw based on me taking it a 62, 63 and 65. My financial guy said he couldn't find anything that could match what those numbers would be, so that's why I left it in there. It's just a little over $200K.
“I saw Randy and Stankey at the bank. They are stealing from you. Carrying your money out of your account in duffel bags, throwing it in their trunk.“
They don’t need to go to the bank they just don’t update the information and then give you a quick lump sum payment and when you question their calculation tell you how lucky you are and enjoy your money. See they are worse than the common thief because they smile at you while taking your money. Except the luck I have is not having to deal with att financial dealings anymore along with the billing and their customer service.
I hope new hires run far far away from att.
“you are stuck with T until 59 1/2, thats if ...they are not bankrupted“. or the executives don’t update calculations and steal it from you so they can pay themselves.
Pension rules vary per person. If you only have annuity option, you are stuck and can begin draw at age 65. Fidelity can advise on all options available to you.
I'm sorry but need to correct you.....That is 274K a month retirement plus a huge pile of stocks.
you are stuck with T until 59 1/2, thats if ...they are not bankrupted
I haven't heard that. But don't worry about Randall, he is set with his $240K per month for life retirement.
The pension is stuck in there unless they offer a buyout and then you can put it in an ira. 401k you can roll over into an ira anytime.
I cashed mine out and rolled it into a Fidelity IRA 3 months ago. Don’t know if things have changed since then, but...
soon they will cut benefits, BUT they are doing great, that's the word in stanky's cesspool.