Do I have to do anything to manage my pension?
- What is a pension?
- Do I have to do anything to manage my pension?
- What if I leave my company before I retire?
- How does vesting work?
- When can I access my pension money?
- Can I take out a loan from my pension plan?
- Should I take a lump-sum payout or monthly payments?
- What are the advantages of taking a lump sum?
- Should I invest my lump-sum payout in an annuity?
- What's the difference between a single-life annuity and a joint-and-survivor annuity?
- Will I pay tax on my pension payouts?
- How should my pension affect my retirement planning?
- Will having a public-sector pension affect my Social Security?
Nope. You just need to show up for work. Nice, right? You're automatically enrolled in the plan, though in some instances you need to be on the job for a year before you are officially enrolled. Even though you are enrolled and the pension benefits are being credited to you, they aren't 100% yours until you become fully vested; that can take five or more years.
As for the investment decisions: You have none. Your employer hires a firm to invest the pension plan's assets. There is absolutely no work required (or allowed) on your part to manage the pension money.
