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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19257  
Subject: Re: pension what to do? Date: 3/4/2000 9:42 AM
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Greetings, Grindel, and welcome. You asked:

<<i recently retired from one job and took a higher paying one i get a pension every month which i don't need is there any way i can invest this money and avoid paying tax on it now? i'm over 60 >>

Pension payments cannot be transferred to an IRA and are considered income in the year received. Therefore, you must pay income tax on that income. If you meet the requirements for a fully deductible traditional IRA, then the best you can do is make a $2K per year contribution to one based on the earned income you have from your new job. For details on IRAs, see our IRA area at http://www.fool.com/money/allaboutiras/allaboutiras.htm.

Regards..Pixy
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