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Pension buyout
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 4271241" data-attributes="member: 12570"><p>Kid, if it sounds as though I am being unduly harsh with you, that's because I am. While you may be 34 years away from being 65, the time to prepare for retirement is now.</p><p></p><p>Based on what you are planning on using the money for, I am going to assume that your lump sum payment is between $15-20K. Taking the lump sum payment will take care of your immediate needs; however, if you took that same $15-20K, put it in to a Traditional IRA and left it there for 34 years, based on an annual return of 8%, you would have turned that $20K in to $200K.</p><p></p><p>In case you change your mind, you have 60 days after you receive the distribution to roll it over and avoid the 10% penalty and 20% income tax.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 4271241, member: 12570"] Kid, if it sounds as though I am being unduly harsh with you, that's because I am. While you may be 34 years away from being 65, the time to prepare for retirement is now. Based on what you are planning on using the money for, I am going to assume that your lump sum payment is between $15-20K. Taking the lump sum payment will take care of your immediate needs; however, if you took that same $15-20K, put it in to a Traditional IRA and left it there for 34 years, based on an annual return of 8%, you would have turned that $20K in to $200K. In case you change your mind, you have 60 days after you receive the distribution to roll it over and avoid the 10% penalty and 20% income tax. [/QUOTE]
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