This is for people that have already retired. Is the amount that fidelity puts as the estimate accurate? Was it close to the real amount you got assuming you took a lump sum out.
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To 3ssk:
You would roll over your pension so it does not get taxed. You should read up on lump sums or talk to a financial planner. You can't just take the check to a bank to cash. You are not taxed if you roll it over to an IRA_. Hope this helps.
sheesh 42% do they take out that much out of the pension too if you take a lump sum? how much is taken out for taxes?
Fidelity will/can assign AT&T employees both active/retired your own Financial Analyst to review your retirement goals, make projections on different economic scenarios with a timeline showing your income vs expenses. You get a very good picture with these tools and people resources on what your financial status will be based on ptojected dates. This service is free of charge. I used it and was very pleased with it.
Yes, retired last April, the amount was pretty much the same that was estimated. Took the lump sum, check was in the mail and signed it over to my financial advisor.
from 1dlc: 42% off the severance? wow...i left the same date 9/10 and deferred mine until this march. what % was the federal withholding?
answer: I thought it was 32% if I remember correctly. I live in California and they have high state taxes. I was kind of happy since I was thinking they would take out a total of 50%. I was thinking of waiting until this year but decided to just take it.
42% off the severance? wow...i left the same date 9/10 and deferred mine until this march. what % was the federal withholding?
They do send a check by USPS. I couldn't believe it . It looked like a direct deposit pay stub-as my pay was DD. Almost tossed it, but I opened it. A huge check, sitting in my mailbox, no signature required. Why?
I was laid off Sept 10th and my lump sum pension check was only a couple of dollars off. I rolled mine over as well to my financial planner. They took approx 42% for taxes out of my severance check. I thought Fidelity was very professional and still have my 401k with them.
Yes. I just retired in October and my pension amount discussed was very close to what I received in lump sum. However, I did an IRA rollover and did not cash out the pension. It did take almost 2 1/2 months to process though. They sent a physical check in the mail. Good luck.