{"id":27431,"date":"2023-07-08T19:48:28","date_gmt":"2023-07-08T19:48:28","guid":{"rendered":"https:\/\/belongingwealth.com\/?p=27431"},"modified":"2023-12-09T13:01:05","modified_gmt":"2023-12-09T13:01:05","slug":"what-happens-to-your-pension-when-you-leave-a-job","status":"publish","type":"post","link":"https:\/\/belongingwealth.com\/what-happens-to-your-pension-when-you-leave-a-job\/","title":{"rendered":"What happens to your pension when you leave a job?"},"content":{"rendered":"\n
What happens to your pension when you leave a job? That depends on the specific pension plan, whether or not you are vested, and what you want to do with it.\u00a0<\/p>\n\n\n\n
If you have a traditional defined benefit pension plan that promises a monthly payment upon retirement based on your years of service and salary, you may have several options. First, you need to know whether or not you are vested.<\/p>\n\n\n\n
If you are vested in the pension plan that means you’ve met the requirements to earn a pension benefit even if you leave the job before retirement. You may either be fully vested or not fully vested. It depends on how long you\u2019ve worked with your company. <\/p>\n\n\n\n
The vesting period varies depending on the plan and company. It can be anywhere between immediately and seven years, but typically it’s around five years. <\/p>\n\n\n\n
If you have a defined contribution plan, such as a 401(k) or a similar retirement savings account, the funds you contributed to the account belong to you. If your employer made matching contributions then those may or may not belong to you. Again, it depends on the vesting schedule. Your vested balance<\/a> is the total amount of your account that you get to keep.<\/p>\n\n\n\n It’s important to note that pension plans can vary significantly, so it’s best to review the specific details of your pension plan. Consult with a financial advisor, or contact the plan administrator for accurate information about your options when leaving a job.<\/p>\n\n\n\n Need help\u00a0understanding what happens to your pension when you leave a job and how it impacts your retirement readiness? Email me at\u00a0brandon@belongingwealth.com<\/a>\u00a0or call\u00a0903-471-0624<\/a>\u00a0and I\u2019ll be glad to help you.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" What happens to your pension when you leave a job? That depends on the specific pension plan, whether or not you are vested, and what you want to do with it.\u00a0 Defined Benefit Pension Plan If you have a traditional defined benefit pension plan that promises a monthly payment upon retirement based on your years […]<\/p>\n","protected":false},"author":2,"featured_media":27432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n\n