I’m young and in the process of switching firms. I have a vested pension close to $20k. The retirement payout doesn’t interest me. Is it advisable to take the cash (w/ penalty) or roll it into my IRA?

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Agree with everyone else regarding not taking the cash payout. It’s a horrible idea

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You should be able to roll it to the IRA if you have the fund deposit the money directly into the IRA. You should definitely NOT take the cash as you are going to pay tons of penalties

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Don’t take the penalty. Do you have 401k? You can usually take out loans for that for primary residence. Best advice is to save more and don’t touch retirements.

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I wasn’t able to roll mine into my already existing IRA but I rolled mine into a new IRA at the same bank...it’s called a rollover IRA. Definitely don’t take the cash.

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I would like to leverage that cash for a down payment rather than to liquidate savings.

Where are you headed?

What firm are you switching to OP ?

If it’s a pension plan and not a 401k, it may not be portable. Deloitte’s isn’t...

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