Thread regarding Xerox Corp. layoffs

Say can you roll your pension while still employed at Xerox?

Best advice I got was to roll all the PENSION dollars into a CASH account within the 401K – it's all yours then. Either within the 401K funds or as you move the money to an outside investor, you or that person can dollar cost average moving the money back into investment funds. Particularly in this roller coaster market, if you happen to get the funds on a day the market is sky high and it all goes into the same funds of your 401K then dips dramatically over the next week or month you will hurt yourself. With easing that lump in as opportunities present themselves, you can make a significant positive impact on your overall savings number. Taking the lump sum was most definitely the best option for me. Best of luck to each of you on the next leg of the journey!

Getting a financial advisor group prior to retirement was one of the best actions we took. Retirement finances are complicated. You want every dime protected and stretched as far as possible. We went to 3 different advisors prior to retiring. They all said we were set to go. 2 of the 3 wouldn't tell us how they were going stretch and grow our investments unless we signed on and we paid them, then they would show us their plans (one was one of those "free" seminar types). Kind of the "We need to pass the bill to find out what's in it" approach.

The 3rd was a group that spelled out how long their outlook was based (99 years old for both of us). Explained how retirees usually go thru more money initially (travels, remodels etc) then settle down with less expenses. They showed how they were going to accommodate that spending, while still protecting the investments for long term growth and downturns. They would split the investments into 3 separate strategies, each of which has it's own protections to the whole, all while keeping in mind the tax implications and other needs, such as emergency funds.

This group now has our business. We don't pay a dime for their services. No monthly or yearly dues as most of the advisors require (Edward Jones, Etc).

I retired several months before my wife. When my wife decided that she really wanted to retire (not old enough for SS) we called up the advisors to bounce it off of them and were told that the advisors had already done the calculations based on her retiring at any moment so we were already good to go any time she wanted to pull the trigger.

We didn't have a fortune in our retirements. My wife had virtually nothing, and mine was 401k plus 40+ years of working at Xerox. Some of those were pretty good years retirement wise. You know, back when they cared and invested in their employees.

Investing is way complicated. The risks are extremely high. Doing it yourself and getting it wrong can be catastrophic to your long term retirement and health. One of my best reliefs is to not have to worry about retirement finances.

How's it working you ask? We have 6, 3 week or more vacations scheduled this year. Haven't drawn any "extra" money out of retirement, meanwhile growth still outpaces expenses. Just doing it all on our retirement allowance plus Social Security. Life is great!!! Should have done it years ago.

Anyone looking to move the pension should consult a financial advisor. Not just retirement aged workers. I left and have 10 yrs to retirement. I knew I was going to take the pension with me but I needed to know what to do with it so I didn’t get charged tax etc. so not only did I consult my FA but my accountant as well.

I think if you leave xerox and leave the pension there until retirement you are taking a large risk that the money will not be there. Your 401k is yours but the pension is not guaranteed no matter what they say.