I have worked more than 6 years and i am wondering if i can cash put the pension when i am let go...
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I've done this in the past when I left another job, I had no choice because of my financial situation at the time. They will withhold 20% and when I did my income tax an extra 10% of the withdrawn amount had to be paid since I am too young to retire. Also, any outstanding loans will be deducted from your payout.
You can roll over both your 401k and pension as soon as you Vanguard and Conoco online-HR systems receive full clearance, in my case, it was about 1 month after being laid off. No need to pay money to anyone or to leave it at a pension fund that mar or may not be there for too long.
LOL @ "when" I am let go
You can roll it into your existing IRA account without paying tax and early cash in penalty.
Call in Dave Ramsey team. There is no fee charge for that and you will get great advice.
Don't forget the early withdrawal penalty that would apply plus income tax. I believe the penalty alone is about 20%.
Then again, some believe the value of that account may take a bigger hit than that in the near or intermediate term future anyway so there's an argument for taking the cash in hand even with the penalty. All depends on your own weighing of your personal situation
If you pull it out you will be taxed at your current tax rate plus a 10% early withdrawal fee.
It's yours, understand that taxes will be taken if you cash out. But it is your money!
If you roll it to a financial institution, like a bank, they generally have wealth management people who are expert at helping with rolling everything to an account to avoid taxes and hopefully let your money grow. It wouldn't hurt to go talk to a few banks to see what they offer. Even insurance agents handle investment accounts, so you have options. Good luck to you!