Retirement Planning/pension rollover question


My employer is stopping putting in our pension plan and we need to choose what to do with our monies we have in it. What is best option to do? I need to work 10 more years before full retirement at 66 years of age. Leave it, roll it over to IRA, roll over to my 401k? Help please! Thank you.

The Financial Quarterback
The Financial Quarterb  
Cheryl thanks for your question and I hope this answer helps a little in your decision.

First and foremost you need to seek out the guidance of a Certified Financial Planner in your area that can help you put together a retirement plan and process that is right for your goals and objectives. I would definitely make this a priority as 10 years before retirement is in reality not that long. There are many issues that go into being able to be retired and stay retired that you want to make sure you plan accordingly.

In reference to your question in reality all three solutions you mentioned work however its dependent on many variables that would be crucial for me as an advisor to understand before a prudent answer can be provided. For example, leaving it in the pension account might work if you had some risk aversion, or if your retirement assets were not enough that the guaranteed income may be beneficial. Rolling it into your 401k could also be a viable option but truthfully most 401k plans I have reviewed over many years are not that great and pretty expensive.

So as you can see your question although simple has many variables. Again, consider taking time to review your personal situation with a Certified Financial Planner in your area.  

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Richard E. Reyes, CFP


I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.


Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

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