Get Suffolk Pension Fund

Cashing out your 401(k) or pension plan after leaving your job should be a last resort. You'll have to pay taxes on the money you withdraw, and you may also be hit with a 10% early withdrawal penalty if you're under age 59 1/2.

A lump-sum distribution is a one-time payment from your pension administrator. By taking a lump sum payment, you gain access to a large sum of money, which you can spend or invest as you see fit.

You can withdraw money from the savings pot, but the retirement savings and the money in the vested pot remain off limits until you retire.

If you belong to one, your pension provider will usually send you an annual benefit statement. If you don't receive a statement, you can ask for one. The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.

Assuming you earn $50,000 and you're 61 years old now, Social Security's quick calculator says that you might expect roughly $19,260 per year at your Full Retirement Age of 67.

The Suffolk Pension Fund is part of the national Local Government Pension Scheme (LGPS). Members include people who work for Suffolk County Council, any of the Suffolk District Councils or Parish Councils and a whole range of other organisations such as local colleges who have applied to be part of the fund.

You can take your pension when: you retire, or. you reach the eve of your 75th birthday, or.

If you belong to one, your pension provider will usually send you an annual benefit statement. If you don't receive a statement, you can ask for one. The statement shows how much pension you might get. It might assume that you take your tax-free cash lump sum.