I turned 55 and got my "enhanced pension"

Discussion in 'Wyeth' started by Anonymous, Aug 22, 2014 at 9:38 PM.

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  1. Anonymous

    Anonymous Guest

    I got a nice check from Fidelity Net Benefits as a result of the enhanced pension from the purchase of Wyeth by Pfizer. I had enough years of service and age to more than hit the magic 70 number. Took it as a lump sum in July, just after turning 55. So long Pfizer! Rolled it into an IRA to let it grow a few more years. I hope all my former Wyeth colleagues are doing well. Great company! Way better than the pharma company I am at now.
     

  2. Anonymous

    Anonymous Guest

    sounds great! was it definitely better to take lump sum instead of monthly benefit. Can you share the options you had!
     
  3. Anonymous

    Anonymous Guest

    I had all the options Wyeth had in their plan. Lump sum, 10 year certain, single life, the various survivor options, etc. The difference in the lump sum amount at 55 and 65 was only $60,000. I ought to be able to make that much and more in 10 years. The best case monthly payout option was just over $4100 per month with the social security leveling to 65, (the monthly pension amount would decrease by the amount of social security at age 65).
     
  4. Anonymous

    Anonymous Guest

    Interest rates are very low which greatly increased the lump. Smart to take it now with the low rates!
     
  5. Original BOOGER

    Original BOOGER new user

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    I'd just burn all on scratch-off loto. See how that works out.