I received a lump sum pension when I retired. Can I roll this lump sum into a 401K or IRA?

Retirement, 401(k)
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August 2016
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Thank you for the question and congratulations on retiring!

You have a number of options when looking to rollover a pension or retirement account. Check out this IRS chart in a recent article I wrote about rollovers. Given that you are retired, do you still have a 401(k)?  If you do, you may be able to roll it into the 401(k). If you do not, then chances are you will be able to roll it into a traditional IRA. Speaking with a representative for your Pension would be a good way to find out what options are available for rollover as well. Either way I would encourage to to speak with a CFP professional to evaluate your options and see what is best for your situation.

Please consider me a resource should you have any additional questions.

Best Regards,

Derek Notman

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