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OT: Lump Sum Pension Distributions
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Sat, 19 May 2012 13:30:52 Share Post by Email
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My employer has changed our pension plan for the worse again, the second time in 5 years, but has added a new wrinkle of allowing retirees to take their pensions as a lump sum. After 5 months of waiting they finally got the on-line calculator working yesterday which displays the lump sum amounts and I got a double surprise.

First, they weren't nearly as cheap with the lump sum amounts as I feared. Second, my lump sum only increases by 3.75% if I work another 9 years until I am 65! Like I said, the new pension plan which becomes effective October 1st really sucks.

Obviously my career goal now is to secure a new job paying my approximate current salary, take my pension as a lump sum to be handed off to our Financial Planner (we found a great one 8 years ago) for investment, then retire in 9 to 12 years at or after age 65.

I realize I am forfeiting security by becoming responsible for managing my own pension income, but since I don't trust the rat b*sturds I work for now that is actually a positive. (i.e. Their HR Department is an 800 number answered by a Call Center in Dubai or Malaysia)

Any other caveats?

posted by 68.42.115... 
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
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