As inflation drives prevailing bond interest rates higher, a knock-on effect that directly impacts employees of ExxonMobil is the reduction of lump-sum distribution value for the ExxonMobil pension plan. The vast majority of current employees are subject to a lump-sum calculation that uses “Segment Rates” to determine the present value of the pension annuity payments. For many employees, rolling over the lump sum of the pension value into an IRA is an attractive option at retirement. Increased Segment Rates reduce the lump-sum – in some cases dramatically.
Should You Delay Social Security Benefits?
Social Security benefits become accessible at age 62, but full retirement benefits will only be available once an individual reaches their full retirement age, determined by their birth date.1 Any benefits received before reaching your full retirement age are reduced by ~6.5% per year when drawn early.
To find your best match, first, consider the type of help you want. Then explore fees, qualifications, your working relationship, investment details, and more.