What is the name of your state (only U.S. law)? NY
Hello everyone. I am 45 yrs old. Not a "new" story, but like many sadly, I have been laid off after 10+ years of good unemployment. I am 45 yrs old with 'two pensions'. When I log on to Fidelity this is what I see (and I'll also add what I know to date), but looking for advice here on HOW to best access #1, even if I have to pay a penalty of 10% etc. So, here is what Fidelity shows me:
I am not concerned about #2 above, as I know the company is required to pay out this amount after 6 months for date of termination (not for date of last severance payment) because they no longer have a defined benefit plan. So disregard #2.
How do I get at #1 though? Do I roll it into an IRA now and then take an early withdrawal, yes with penalties because I need the money. Do I need to wait x months and THEn roll it to an IRA dn doe an early withdrawal (yes, with penalties) because I need the money (!). Any ideas (legit ones) appreciated. I am not thrilled at the idea of paying a penalty, but I need the funds.Is the $240k locked up until age 60-65? Ideas?
Thank you.
Jim
Hello everyone. I am 45 yrs old. Not a "new" story, but like many sadly, I have been laid off after 10+ years of good unemployment. I am 45 yrs old with 'two pensions'. When I log on to Fidelity this is what I see (and I'll also add what I know to date), but looking for advice here on HOW to best access #1, even if I have to pay a penalty of 10% etc. So, here is what Fidelity shows me:
1) Company X Pension: Your estimated benefit is $241,090 Lump Sum, based on an assumed retirement date of January 01, 2037. Our records indicate that you separated from employment on June 30, 2015. This is your benefit assuming you commenced your benefit at age 65 years 0 months. Current vested percentage: 100%.
2) Company X [same company] Excess Benefit Pension. Your estimated benefit is $11,900.00 Lump Sum, based on an assumed retirement date of May 01, 2016. [This calculation is based on when I was terminated.]
2) Company X [same company] Excess Benefit Pension. Your estimated benefit is $11,900.00 Lump Sum, based on an assumed retirement date of May 01, 2016. [This calculation is based on when I was terminated.]
I am not concerned about #2 above, as I know the company is required to pay out this amount after 6 months for date of termination (not for date of last severance payment) because they no longer have a defined benefit plan. So disregard #2.
How do I get at #1 though? Do I roll it into an IRA now and then take an early withdrawal, yes with penalties because I need the money. Do I need to wait x months and THEn roll it to an IRA dn doe an early withdrawal (yes, with penalties) because I need the money (!). Any ideas (legit ones) appreciated. I am not thrilled at the idea of paying a penalty, but I need the funds.Is the $240k locked up until age 60-65? Ideas?
Thank you.
Jim
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