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  • 480 Ruger

    Member
    Rating - 0%
    0   0   0
    Jun 14, 2012
    60
    11
    Mich
    The key point in @Vaquero statement was CASH OUT. You cannot roll non Roth into a Roth, but you can cash out, pay the taxes and put into a Roth. Would need to run the numbers with TA, CPA and CFP to see if it makes sense. Depending on age and marital status, there are allowances for "catch up" which can let you put more than the 7K/year.
    You can transfer money from a Traditional IRA to a Roth IRA. You will owe income tax on the amount transferred. And. there is no maximum amount.
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    toddnjoyce

    TGT Addict
    Rating - 100%
    4   0   0
    Sep 27, 2017
    19,285
    96
    Boerne
    I actually looked into this and the only thing you can roll into a Roth IRA is from another Roth IRA. Other wise, you can only do the max of $7000 per year.

    Roth 401K is eligible for direct transfer to a Roth IRA; one can also roll over a trad IRA to a Roth IRA with the taxes due on the converted amount, and finally, the back door Roth.

    What none of has seen is the benefit option summary the OP has been provided. About the only guaranteed thing is if the OP doesn’t elect to move out of the pension, it dies with him and/or the company. If the OP desires to have control of the money, then it’s got to go out of the plan and into an appropriate alternative.
     

    cvgunman

    Not a Leftist douchebag!
    Rating - 100%
    16   0   0
    Oct 9, 2017
    2,469
    96
    Mckinney TX
    Roth 401K is eligible for direct transfer to a Roth IRA; one can also roll over a trad IRA to a Roth IRA with the taxes due on the converted amount, and finally, the back door Roth.

    What none of has seen is the benefit option summary the OP has been provided. About the only guaranteed thing is if the OP doesn’t elect to move out of the pension, it dies with him and/or the company. If the OP desires to have control of the money, then it’s got to go out of the plan and into an appropriate alternative.
    The one valid point to pulling a pension from former work place. Glad you brought hat up, as I forgot about it. Was the main reason for having wife pull hers.
     

    F350-6

    TGT Addict
    Lifetime Member
    Rating - 100%
    2   0   0
    May 25, 2009
    4,237
    96
    Don't give up on the old folks warehouse. I saw my father in law very happy in one after his stroke, until medicaire stopped paying and they shipped him back home. His family left him to rot in his lazy boy in front of the TV till he got tired of it and gave up. He would have rather been in the nursing home, but they didn't want to pay for it.

    My father is having issues right now, and my mother can't wait to get him moved into a home. I'd rather be in a nursing home than at my home where no one cares or will help me.

    My opinion is biased. I hope your situation is better.
     
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