Rolling over old pension.

[LuckyFeeder]

I have a pension from a previous employer and they are doing away with it so I have to decide what I want to do with it. My plan was just to roll it over to my UPS 401k and I actually already started the process. My question is if it could be possible to roll it over to my pension instead if that is even possible. The amount is 13k and I'm 35 yrs old. Thanks in advance

 

[badpal]

Think I would stick with the 401k route.

 

[trickpony1]

Does the OP really want to put money in a pension that is going down the drain?

 

[IVE GOTTA PACKAGE 4U]

I have a pension from a previous employer and they are doing away with it so I have to decide what I want to do with it. My plan was just to roll it over to my UPS 401k and I actually already started the process. My question is if it could be possible to roll it over to my pension instead if that is even possible. The amount is 13k and I'm 35 yrs old. Thanks in advance

I doubt you can put it into the pension plan. Maybe look at a low fee IRA

 

[LuckyFeeder]

Does the OP really want to put money in a pension that is going down the drain?

Wouldn't they just pay me out a lump sum like my old employer did if they do get rid of the pension in the future? I can just roll it over then? Can I lose my money if they did get rid of it. I guess theoretically I could lose it in the 401k plan too

 

[IVE GOTTA PACKAGE 4U]

Wouldn't they just pay me out a lump sum like my old employer did if they do get rid of the pension in the future? I can just roll it over then? Can I lose my money if they did get rid of it. I guess theoretically I could lose it in the 401k plan too

A lot of our plans are underfunded and they aren't allowed to pay out a lump sum.

 

[Indecisi0n]

Talk to a financial advisor. Might make more sense to go with a separate IRA has you would have more investment options. You can then still start a 401k in addition to the IRA.

 

[LuckyFeeder]

I doubt you can put it into the pension plan. Maybe look at a low fee IRA

You are correct. I called the teamsters pension and I cannot roll it over. I guess that answers that. I think I would rather roll it over to my 401k since most of my retirement savings is already there

 

[IVE GOTTA PACKAGE 4U]

You are correct. I called the teamsters pension and I cannot roll it over. I guess that answers that. I think I would rather roll it over to my 401k since most of my retirement savings is already there

Probably better off keeping all your money together

 

[Turdferguson]

I doubt you can put it into the pension plan. Maybe look at a low fee IRA

How much money are they paying you to push the 401k on people?

 

[IVE GOTTA PACKAGE 4U]

How much money are they paying you to push the 401k on people?

Mind your own damn business

Tubby

 

[Boxslinger11]

How much money are they paying you to push the 401k on people?

He gets 20$ for every financial advisor he recommends

 

[rod]

Wouldn't they just pay me out a lump sum like my old employer did if they do get rid of the pension in the future? I can just roll it over then? Can I lose my money if they did get rid of it. I guess theoretically I could lose it in the 401k plan too

BINGO---now you are catching on. Over the years many pension plans have folded and if the workers are lucky they may get peanuts on the dollar but getting NOTHING is more like it.

 

[I GOT ONE MORE]

Really only 3 options, best to least best.

1) Roll to an IRA. (Much more control and infinite investment options)

2) Roll to your 401k. (Investment options limited within 401k, but consolidates retirement accounts)

3) Take the money, less taxes and penalty. (Your tax rate plus a 10% penalty for early withdrawal if your under 59 1/2)

 

[IVE GOTTA PACKAGE 4U]

Really only 3 options, best to least best.

1) Roll to an IRA. (Much more control and infinite investment options)

2) Roll to your 401k. (Investment options limited within 401k, but consolidates retirement accounts)

3) Take the money, less taxes and penalty. (Your tax rate plus a 10% penalty for early withdrawal if your under 59 1/2)

Number 3 is a terrible idea.

 

[Benben]

Really only 3 options, best to least best.

1) Roll to an IRA. (Much more control and infinite investment options)

2) Roll to your 401k. (Investment options limited within 401k, but consolidates retirement accounts)

3) Take the money, less taxes and penalty. (Your tax rate plus a 10% penalty for early withdrawal if your under 59 1/2)

DO #1. Just do a little homework and choose a broker with very low fees. I personally don't think having all your monies in 1 single place/company is a great idea.

Here is the best idea you could possibly have............go find an actual professional financial adviser and sit and talk with him for an hour! It should cost you nothing but an hour of your time.

 

[1989]

Number 3 is a terrible idea.

The best idea if you die @ 50.

 

[IVE GOTTA PACKAGE 4U]

DO #1. Just do a little homework and choose a broker with very low fees. I personally don't think having all your monies in 1 single place/company is a great idea.

Here is the best idea you could possibly have............go find an actual professional financial adviser and sit and talk with him for an hour! It should cost you nothing but an hour of your time.

That's why I have a Roth IRA with Vanguard. Many more choices.

 

[Indecisi0n]

Cash out the money and get a ton of coke and hookers.

 

[IVE GOTTA PACKAGE 4U]

Cash out the money and get a ton of coke and hookers.

Bitcoin?