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My job was recently outsourced, and when I turned 55, I began collecting a pension from my former employer. Since I was able to collect 80% of the payment I would receive at 65, there was no sense in waiting. But the pension payments have pushed me into a higher tax bracket, so I am losing more to taxes than I had expected. The pension plan was fully funded by my former employer, so the payments are 100% taxable.

Since I don't need this money to live on while I am working full time, and I really want to use it for a real retirement in a few years, is it possible to roll these payments into an IRA or other tax deferred retirement account? I expect my future marginal tax rate to be lower than it is now with this bubble caused by the early pension payments, and I would like to delay paying the taxes to that time.
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Unfortunately no, payments made over your lifetime (i.e., annuitized payments) are not eligible for rollover to an IRA. However, are you working at present? Possibly you could more into a 401(k) plan or a deductible IRA than your otherwise would have, given the extra income from your pension. Note that this is dependent on your working in addition to the pension money.
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