I just lost my job a week ago and I would like some ideas from the group about my pension.
Here is the deal.
I have a pension that I and my former employer have contributed to. I can walk away with $12K after taxes/penalties or I can leave it and have $200/month in 25 years if the world, pension, state and me are still here and doing OK. This is not a traditional retirement account that will continue to grow over time it is a fixed amount that is based on my years of service.
I am young yet and should easily be able to replace this money if I chose to in the next few years. The older I get the less faith I have in IRA's and such. I think that a person is better off having a paid for house, the things they need and some good saving habits rather than depending on the government and economy to take care of them. We can talk about that latter.
My question is would you take the money and put it toward preps and such or leave it be? Now that I typed all this out I feel that I answered my own question. LOL... I would still like everyone's thoughts.
The only other thing that plays into this is that there is a chance that I could get my job back. If I do I will have lost that portion of my pention and would have to start over again. It's not that big of a deal since I will still have to work the min number of required years before I am old enough to draw.
Any thoughts anyone??
Thanks in advance.
Here is the deal.
I have a pension that I and my former employer have contributed to. I can walk away with $12K after taxes/penalties or I can leave it and have $200/month in 25 years if the world, pension, state and me are still here and doing OK. This is not a traditional retirement account that will continue to grow over time it is a fixed amount that is based on my years of service.
I am young yet and should easily be able to replace this money if I chose to in the next few years. The older I get the less faith I have in IRA's and such. I think that a person is better off having a paid for house, the things they need and some good saving habits rather than depending on the government and economy to take care of them. We can talk about that latter.
My question is would you take the money and put it toward preps and such or leave it be? Now that I typed all this out I feel that I answered my own question. LOL... I would still like everyone's thoughts.
The only other thing that plays into this is that there is a chance that I could get my job back. If I do I will have lost that portion of my pention and would have to start over again. It's not that big of a deal since I will still have to work the min number of required years before I am old enough to draw.
Any thoughts anyone??
Thanks in advance.