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Decisions, Decisions

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Old 01-22-2019, 02:09 PM
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Hi all, I am not sure if there is any gurus on this subject or not. I am currently debating on rolling over one of my pension plans. Although I could simply leave it alone. I could just draw off it with a cut and put extra in my 401k pan. Itís my smallest pension plan and I am just trying to figure out how I can get it to grow a Little. I am thinking that maybe rolling it over an put it towards silver but not really sure about that either. I am stupid when it comes to stock market stuff and donít mind saying so. So I am wondering what would you do? I am planning on retiring in just three more years and if I can build a little on it why not. So thatís where I am at with this one.. Anyone have any knowledge or suggestions?

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Old 01-22-2019, 03:28 PM
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I'm definitely not an expert but there are some pretty knowledgeable guys on here. FM comes to mind along with a few others. From what I've read (take it with a grain of salt), buying silver or gold is basically betting against the stock market doing well while expecting lots of inflation. If I were in your shoes, I would find a few investment advisors to talk with but would be leaning towards investing in a good mutual fund and letting it ride for about 10 years or so. Again, get advice from somebody who does this sort of thing for a living or is very knowledgeable about it. Good luck.
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Old 01-22-2019, 03:37 PM
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Give guys some time to respond and you'll get some good info.

There's a few that have helped me before on financial decisions


-jake
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Old 01-22-2019, 03:51 PM
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Thanks guys. I have time as I am just now checking into things. I am waiting for my PIN number to access it which takes around 2 weeks before I can even start asking them questions anyway. Donít ask me why but itís the system..
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Old 01-22-2019, 06:29 PM
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Originally Posted by Phil from Maine View Post
Hi all, I am not sure if there is any gurus on this subject or not. I am currently debating on rolling over one of my pension plans. Although I could simply leave it alone. I could just draw off it with a cut and put extra in my 401k pan. Itís my smallest pension plan and I am just trying to figure out how I can get it to grow a Little. I am thinking that maybe rolling it over an put it towards silver but not really sure about that either. I am stupid when it comes to stock market stuff and donít mind saying so. So I am wondering what would you do? I am planning on retiring in just three more years and if I can build a little on it why not. So thatís where I am at with this one.. Anyone have any knowledge or suggestions?
Umm... Yer using two terms here, and am not sure if yer using them in context...

First, yer talking about rolling over a "pension plan"... Based on my, and my wife's "pensions", they cannot be rolled over... On the other hand, you mentioned a 401k as well... A couple of years ago I rolled an annuity that I was no longer contributing to, so I could continue to contribute to it... My wife, if she so decided could also roll her 401k... Again, neither of us can roll our pensions...

I mention the above because based on our situation, yer terminology confuses me...

That said, IMHO, if you have money just sitting out there that yer no longer growing by contributions, and are at the mercy of the markets/investments that they are invested in, by all means find the best way to roll them to try to maximize yer gains moving forward... Not sure what yer situation is, so that's about the extent of my advise... Not a market guy either, but do realize that yer money is either growing, sitting stagnant, or losing...
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Old 01-22-2019, 07:25 PM
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And if it's sitting stagnant, it's losing.

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Old 01-22-2019, 07:33 PM
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[QUOTE=Bocajnala;4350859]And if it's sitting stagnant, it's losing.

-Jake[/QUOTE
Crazy day's... As things go. I'm remembering 2011...

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Old 01-22-2019, 11:43 PM
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Okay what I am asking is that this pension is from a former company and not the one that I am currently working for. They offered what we termed as a buyout roughly 10 years ago to everyone in the plan. I am exploring it now. Back then the cut was to great to take it. The other thing that was wrong with it was they based it at age 65 when it should of been at age 62. So I am exploring if the buyout is still there. Others took their money back then and rolled it into investments other than a 401k plan. We are allowed to draw from it at age 55 if I so wanted to. But at that age the cut from it was to steep. So I can actually draw from it with a cut and put more into my 401k plan from my work earnings to cover my tax based on putting myself into a higher tax bracket from getting more earnings. I also am under the belief that they will offer me another buyout once I get talking about it with them again. But itís setting ideas and I am thinking of either drawing from it or investing it. I am waiting for the PIN number so I can start talking with them about it. I want to try and avoid being taxed on all of it. I canít roll this into my current 401k plan because it is from a separate company.

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Old 01-23-2019, 05:17 PM
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Www.DaveRamsey.com

Phil, take your time and educate yourself through his program and one of his smart investors. He gives good advice for selecting one and also handling money. Number one thing you need when selecting an advisor is an educator. That's a person who will take the time to teach you before making a move not one who says make the move because......

as far as gold, it's a fun investment and that's it. When crap hits the fan, like a natural disaster, how many were using their gold to buy stuff?

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Old 01-23-2019, 11:35 PM
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Thank you FM, I will check it out.. As most of us know that pension plans are a thing of the past and companies just as soon get rid of them all together. It cost them to much to maintain them..

Last edited by Phil from Maine; 01-23-2019 at 11:46 PM.
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