Hello. I hope someone can give me some sound financial advice. About a year ago, I resigned from a "state" job, which I had held for approximately 7 years. After a lot of procrastinating, I'm finally getting ready to rollover the retirement money into my new employer's
401K plan. I am going to simplify this, but basically my old employer is giving me 2 choices: Starting now, I can leave all the money in there ($13.5K) and receive a monthly annuity for life of $110.00. Or, I can withdrawal (rollover) the entire amount ($13.5K) and starting now receive a $60 monthly annuity for life. Keep in mind that I'm only in my mid 30s, so I have a good 30 or so years of work left. Something tells me I should go for the total withdrawal, rather than the higher annuity payment, but I would like for somebody to confirm (and maybe explain why) this would be a wiser choice. Of course, with the crappy economy right now, I have to admit that I'm scared to death that rolling the $13.5K over into the mutual funds that make up my current retirement plan, which has made me NEGATIVE 30% this year (as is the story with a lot of other people right now, I'm sure)! Any advise would be greatly appreciated. Thank you!- posted
15 years ago