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Updated about 4 years ago on .
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What to do with my pension.
I have been working for the municipality I live in for 4 years and am leaving my position for a more lucrative position elsewhere. I'm looking to take my pension contributions with me to invest elsewhere as well. My questions is what do you think is my best option? I don't want to just withdraw it and loose half of it to taxes. How can I reallocate my money with no taxes?
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#5 Wholesaling Contributor
- Rental Property Investor
- Indianapolis, IN
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#5 Wholesaling Contributor
- Rental Property Investor
- Indianapolis, IN
Real talk what employer gives a pension after 4 years? Mine is 10 and most companies don't even have one.
Just roll what ever you have into a Roth IRA or whatever the new employer is offering. Do NOT WITHDRAW the money. If you're young these are important years to build a retirement fund and start the compounding interest earning you more money on what you already have. I have a friend that worked at Lowes for 6 years, full time, and cashed his out. He took a massive hit and bought a new Jeep. Don't be that guy.