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New Contributor
Posts: 2
Registered: ‎07-28-2016

to Suze Orman lump sum pension distribution

Hi Suze,

 

My friend is going to receive a lump sum pension death benefit distribution. If she takes it all at once, she would have to pay a 20% income tax. If she rolls it over into an ira or an  annuity she would not have to pay the tax now. She does not know where to put it. What do you recommend.

 

Thanks,

Mike

Honored Contributor
Posts: 11,430
Registered: ‎03-10-2010

Re: to Suze Orman lump sum pension distribution

@Mikey2   Mike, these boards are for QVC viewers.  Suze Orman will not read your post.  It's possible she has a Facebook page where you could ask your question, but I don't really know.  Other QVC vendors can be reached on their Facebook page.

My little dog, a heartbeat at my feet. —Edith Wharton
What greater gift than the love of a cat.--Charles Dickens





Respected Contributor
Posts: 4,421
Registered: ‎07-07-2010

Re: to Suze Orman lump sum pension distribution

@Mikey2  I sincerely doubt that Suze Orman reads these boards.  I also think that your friend would do much better by contacting her financial planner or accountant in her area.  I really do not want money information from someone on tv.   Of course, this is just my opinion.

The next time that I hear salt and ice together, it better be in a margarita!
Respected Contributor
Posts: 3,909
Registered: ‎11-24-2013

Re: to Suze Orman lump sum pension distribution

@Mikey2 The vendors don't read these forums so I would suggest you locate her FB page or website to contact her. Good luck!

Respected Contributor
Posts: 3,909
Registered: ‎11-24-2013

Re: to Suze Orman lump sum pension distribution

@Mikey2 On second thought it would be wise to consult a financial advisor. I have my own opinion about this vendor.

Honored Contributor
Posts: 9,650
Registered: ‎10-25-2010

Re: to Suze Orman lump sum pension distribution

[ Edited ]

A financial consultant would help her. It would depend onmher financial situation.

 

I own five annuities and would never put a dime in one again.  I wish I knew then what I know now.

 

She should use a consultant that does not sell or promote anything that he/she would make a profit from.  They will advise her to put money in an account where the consultant can make the most money, not your friend.

Trusted Contributor
Posts: 1,929
Registered: ‎05-09-2016

Re: to Suze Orman lump sum pension distribution

Your friend needs to talk to an independent, registered investment advisor in her area. That’s someone who does NOT work for one of the national, retail brokerage chains, and doesn’t receive any compensation for promoting any particular product. In order for that person to give her the best advice possible, she also needs to be prepared to disclose her full financial picture. The last place someone should seek the type of advice that she needs is on a shopping channel message board. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

Honored Contributor
Posts: 9,650
Registered: ‎10-25-2010

Re: to Suze Orman lump sum pension distribution

I don't know about that @FrostyBabe1 .  You just gave some pretty good advice.  Woman Happy

Super Contributor
Posts: 261
Registered: ‎06-03-2018

Re: to Suze Orman lump sum pension distribution

Your friend could also check at her own bank. They usually have financial planners there that are more than happy to help. 

Valued Contributor
Posts: 971
Registered: ‎12-31-2012

Re: to Suze Orman lump sum pension distribution

[ Edited ]

answer questions here@Mikey2 wrote:

Hi Suze,

 

My friend is going to receive a lump sum pension death benefit distribution. If she takes it all at once, she would have to pay a 20% income tax. If she rolls it over into an ira or an  annuity she would not have to pay the tax now. She does not know where to put it. What do you recommend.

 

Thanks,

Mike


@Mikey2 

 

Why are you posting here?

This is a Forum for QVC customers. It is not where you ask vendors questions.   They don’t come here.   Try her Facebook or email her directly.

Better yet, make an appointment with a Certified Financial Advisor.