Hello I'm new to your forumn so please forgive any stupid questions I may ask.
Okay so I changed job a few months back. I'm 36. I have a pension with my former employer which I need to make a decision about.
If I leave it with them they estimate $400 a month when age 65.
The rollover amount is 15k if I take it.
Leaving to age 65 is questionable b/c other companies in this industry have started buying out pensions and rumor has it that its a matter of time until they buy everyone out.
Point 1-So my thoughts are to roll to a RothIRA. The modeling I have done shows that to be a good option.
Point 2-So from the reading I've done it looks like you cannot roll right to a roth but rather to a basic IRA and then you can roll the max (4k?) per year into the roth.
So can some provide thoughts
Point 1 - Is this generally a good idea?
Point 2 - Is this the correct process?
Other option I havent mentioned that are good ones?
Thanks for your assistance