U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 03-25-2015, 05:39 PM
 
765 posts, read 927,285 times
Reputation: 465

Advertisements

How do these retirements plan work out? My jobs has both of these im just not sure how it works
Rate this post positively Quick reply to this message

 
Old 03-25-2015, 05:45 PM
 
31,482 posts, read 39,045,538 times
Reputation: 13978
Quote:
Originally Posted by Mr.Professional View Post
How do these retirements plan work out? My jobs has both of these im just not sure how it works
It is called a gold mine waiting for you to pick up the axe and start tapping the possibilities. It means you can have a fixed income pension along with SS and a nest egg on top of. The size of that nest egg is up to you and the decisions you make until something changes.
Rate this post positively Quick reply to this message
 
Old 03-25-2015, 05:55 PM
 
3,279 posts, read 7,537,810 times
Reputation: 8308
Simple explanation:

Pension = set monthly payments you receive at a certain age until you die

401k = money taken out of each paycheck and or contributed by employer that is invested and you can take out when you retire.
Rate this post positively Quick reply to this message
 
Old 03-25-2015, 06:08 PM
 
Location: California
6,232 posts, read 6,997,388 times
Reputation: 13490
Careful with pensions as many of them are no longer around. It is best to convert 401K and pension to an IRA so you can control your own funds when the time comes. It is best to consult with a professional financial advisor to get the best information as no one on a public board can know all your situation.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 07:36 AM
 
Location: Jamestown, NY
7,841 posts, read 8,606,618 times
Reputation: 13779
Quote:
Originally Posted by Heidi60 View Post
Careful with pensions as many of them are no longer around. It is best to convert 401K and pension to an IRA so you can control your own funds when the time comes. It is best to consult with a professional financial advisor to get the best information as no one on a public board can know all your situation.
AFAIK, you can't do anything about a pension while working for an employer who offers one, and unless your employer offers some kind of cash buyout when you leave/retire, you don't have any say in changing it to something else then, either. If you leave employment before you have vested in the pension system, then you will get your contributions returned.

Most 401k and 403b plans do not allow you to move your funds into IRAs while you are still with that employer. Many 401k and 403b plans allow for employees to control their funds both during and after employment.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 10:38 AM
 
Location: Bend Or.
1,126 posts, read 2,787,329 times
Reputation: 952
Quote:
Originally Posted by Linda_d View Post
AFAIK, you can't do anything about a pension while working for an employer who offers one, and unless your employer offers some kind of cash buyout when you leave/retire, you don't have any say in changing it to something else then, either. If you leave employment before you have vested in the pension system, then you will get your contributions returned.

Most 401k and 403b plans do not allow you to move your funds into IRAs while you are still with that employer. Many 401k and 403b plans allow for employees to control their funds both during and after employment.
If you are 59 1/2 or older there is no restriction or penalty for moving a 401K to an Ira.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 10:59 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,816,427 times
Reputation: 6788
Quote:
Originally Posted by whirnot View Post
If you are 59 1/2 or older there is no restriction or penalty for moving a 401K to an Ira.
There may not be any restriction or penalty as far as the Government is concerned but the 401K is under the terms of the employer and many if not most do NOT allow you to withdraw any funds and certainly not convert them to an IRA while you are still employed with them.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 11:52 AM
 
Location: Northern VA
581 posts, read 850,112 times
Reputation: 820
Once you're no longer with that employer there is no restriction regardless of age on moving a 401k to an IRA.

Now if you're talking withdrawals then that's a different story. If you leave your employer in or after the year you turn 55 then you avoid the 10% early distribution penalty. Anything else and it the same IRA 59 1/2 rule.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 12:33 PM
 
Location: San Diego CA
7,670 posts, read 5,631,410 times
Reputation: 14808
Quote:
Originally Posted by Mr.Professional View Post
How do these retirements plan work out? My jobs has both of these im just not sure how it works
Good for you. You have one of those gold plated old school pension programs that are fast going into extinction. Hopefully your employer will continue with it and you can reap the benefits later on.
Rate this post positively Quick reply to this message
 
Old 03-26-2015, 12:44 PM
 
12,823 posts, read 22,966,694 times
Reputation: 10997
Pension ... back in the mists of ancient time, in a galaxy far away ... I worked for one company (count it, one) ... they had a pension plan. I never vested, left just ahead of a bad RIF for a much better job, and that was the last I ever heard about this odd concept.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top