What shall I do with my pension from employer who just laid me off? I have 55k balance. Shall I roll it over to an IRA or leave it there? If leave it, will it grow?

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Lots of factors here. What are the rules of the pension; are there important benefits to keeping it, like preferential annuitization rates or access to retiree medical? How does it grow inside the pension, and does that suit you? Do you need to do backdoor Roth and thereby benefit from not having a pretax IRA balance?

It would be a good idea to read up on this pension. Get some document about it and learn a bit before trying to make big decisions about it.

likesmart

Thank you for the tips!

I left mine at the former employer until I found a new job, then rollover the dollars to my new employer’s 401k. Just don’t forget about it

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Thank you. I agree. It can easily be forgotten if not handled now.

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I rolled it into a reg IRA, set it and forget it

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I liked the guaranteed return on mine and will leave it there until I am required to annuitize it or take lump sum. I am older than you and the return I get exceeds what I can safely get in the market. When required by max age in the plan I will roll into an IRA. You need to look at the specifics of your pension as mentioned above.

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Noted. Ok, thank you!

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