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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Unless you have an emergency need for that cash, roll it to the IRA so you don’t get penalized

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The roll from a US er 401k to a IRA has no penalty.

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I left my last firm with a pension and rolled it into my 401K. No penalty.

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Pension is a rare concept these days and very few companies still have it... If you have an active pension and rejoin the company later, they still might continue your pension contributions from date of rehire.. unless you need that $20K now, I'd say keep it and let it grow there..

My previous company had this and few MDs who retired took alumpsum out based on updates to discount rates and actuary life expectancy. Needless to say they were very happy.

Since (typically) pension is company contributed only, it is separate from 401k so your cap isn't affected... And it's managed money, similar to 401K/IRA, so I don't think you have anything to lose just keeping it there and let it grow, with potential for added company contributions to it if you ever rejoin even if the company has stopped it, since you'd have been grandfathered in

Dude, use some periods.

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