Should I roll my Pantex Voya Savings Plan into an IRA when I retire?

Whether to roll your Pantex Voya Savings Plan into an IRA depends on investment flexibility, tax planning, creditor protection, withdrawal needs, and retirement timing. Some retirees benefit from staying in the plan while others prefer an IRA.

Financial Planning for
Pantex Employees & Retirees
in Amarillo, TX

Q: Which Pantex pension payment option should I choose?

The right pension election depends on your spouse’s situation, taxes, income sources, and retirement goals. Options like single life, joint and survivor, level income, and certain and continuous each involve tradeoffs that generally cannot be changed once benefits begin.

Q: How is my Pantex pension actually calculated?

Pantex pension benefits are generally calculated using a formula based on your years of Pension Service Credit, Final Average Earnings, and plan multiplier percentage. Different Pantex plans calculate benefits differently.

Q: Can I retire from Pantex at age 50?

Pantex employees may begin receiving a reduced pension benefit as early as age 50 if vested. Whether early retirement makes sense depends on retirement assets, healthcare costs, income planning, and long-term sustainability.

Q: What happens to my Pantex pension if I pass away before my spouse?

Survivor benefits depend on the pension option selected at retirement. Joint and survivor options continue payments to a spouse, while certain and continuous options provide guaranteed payments to beneficiaries for a set period.

Q: Can I leave my money in the Pantex Savings Plan after I retire?

Yes. Retirees can generally leave funds invested within the Pantex Savings Plan through Voya after retirement, although Required Minimum Distributions still apply once eligible.

Q: I have over $1 million in my Pantex Savings Plan. Are there strategies to reduce taxes long-term?

Potential strategies may include Roth conversions, withdrawal sequencing, charitable distribution planning, and tax-efficient income strategies during retirement. Larger retirement balances often create significant tax planning opportunities.

Q: When should I claim Social Security if I’m also receiving a Pantex pension?

Most retirees benefit from coordinating Social Security timing with pensions, taxes, and retirement income planning. Delaying Social Security beyond Full Retirement Age can increase benefits substantially.

Q: Will my Pantex pension cause my Medicare premiums to increase?

It can. Higher retirement income may trigger IRMAA surcharges that increase Medicare Part B and Part D premiums. Advance tax planning may help reduce or avoid these increases.

Q: How can I minimize taxes on my Pantex retirement income?

Tax planning strategies may include Roth conversions, income timing, withdrawal sequencing, and balancing taxable, tax-deferred, and tax-free accounts throughout retirement.

Ashby Dawson, CFP®, AAMS® provides independent fiduciary
guidance for Pantex professionals approaching retirement —
pension elections, Voya 401(k) decisions,tax strategy, and the
rest of the plan that comes after a long career of service.

Schedule a Conversation

Take The Retirement Readiness Quiz

Financial Planning for Pantex Employees & Retirees in Amarillo, TX

Ashby Dawson, CFP®, AAMS® provides independent fiduciary guidance for Pantex professionals approaching retirement — pension elections, Voya 401(k) decisions,tax strategy, and the rest of the plan that comes after a long career of service.

Schedule a Conversation

Take The Retirement Readiness Quiz

If you’ve spent 20, 30, or 40 years at Pantex, the decisions in front of you in the next 5–10 years will shape the rest of your financial life. Which pension option to elect. When to roll your Voya Savings Plan — and where. How to bridge healthcare to Medicare. When to claim Social Security. How to keep more of what you’ve earned out of the IRS’s hands.

We work with Pantex employees and retirees across the Amarillo area who want to make these decisions once, make them right, and get on with the life they’ve worked decades to build.

WHY A PANTEX-SPECIALIZED ADVISOR MATTERS

Pantex is not a typical employer. The benefit structure is layered — three pension plans, the Voya-administered Savings Plan, retiree medical coverage, and a complex web of pension election decisions that cannot be changed once benefits commence.

A general financial advisor learning the Pantex plan on your dollar is one thing. An advisor who already speaks the language is another.

We help Pantex clients with:

Pension election strategy — single life, joint & survivor, level income, certain & continuous, and how each interacts with taxes and your other assets

Voya Savings Plan rollover analysis — whether to keep, roll, or move it, and the tax consequences of each

Early retirement modeling — the math behind retiring at 55, 58, or 62 vs. waiting to 65

Tax planning across the retirement transition — Roth conversions, IRMAA management, and state tax positioning

Social Security claiming strategy coordinated with your Pantex pension

Estate and legacy planning for $1M+ households

We help Pantex clients with:

Pension election strategy — single life, joint & survivor, level income, certain & continuous, and how each interacts with taxes and your other assets

Voya Savings Plan rollover analysis — whether to keep, roll, or move it, and the tax consequences of each

Early retirement modeling — the math behind retiring at 55, 58, or 62 vs. waiting to 65

Tax planning across the retirement transition — Roth conversions, IRMAA management, and state tax positioning

Social Security claiming strategy coordinated with your Pantex pension

Estate and legacy planning for $1M+ households

ABOUT ASHBY

Ashby Dawson, CFP®, AAMS®

Partner | Wealth Manager, Kingsview Partners

Ashby Dawson is a fiduciary wealth manager who believes better financial decisions lead to healthier lives, stronger relationships, and greater confidence. As Partner and Wealth Manager at Kingsview Partners, she leads an independent practice in Amarillo, Texas, helping clients align their financial strategies with their deepest values and aspirations.

Ashby brings more than 15 years of experience and is a true fiduciary, working alongside clients when important decisions are made. She has been recognized as a Forbes Best-in-State Wealth Advisor and Best-in-State Women Wealth Advisor in 2022, 2023, and 2026.

“ We can’t perfect the world, but we can show up for the people in it — and hold ourselves to a standard worthy of the trust they place in us.
— Ashby Dawson

Forbes Best-In-State Wealth Advisors 2026

Forbes Best-In-State Top Women Wealth Advisors 2026

Awarded by Forbes and SHOOK Research. See Disclosures.

Ashby Dawson, CFP®, AAMS®

Partner | Wealth Manager, Kingsview Partners

“ We can’t perfect the world, but we can show up for the people in it — and hold ourselves to a standard worthy of the trust they place in us.
— Ashby Dawson

Awarded by Forbes and SHOOK Research. See Disclosures.

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PANTEX RESOURCES

Explore educational resources created specifically for Pantex employees and retirees. These articles cover retirement timing, rollover decisions, and tax planning strategies that can shape your long-term financial future.

Early Retirement Planning

Can I Retire Early From Pantex? What Amarillo Employees Should Know About Leaving Before 65

Understand the financial tradeoffs, healthcare considerations, and retirement income planning factors involved in leaving Pantex before age 65.

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Voya 401(k) & IRA Planning

Should I Roll My Pantex Voya 401(k) Into an IRA When I Retire?

Learn the framework many Amarillo retirees use when deciding whether to leave assets in the Pantex Savings Plan or roll them into an IRA.

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Roth Conversion Planning

Roth Conversions for Pantex Retirees: The 5–15 Year Planning Window

Discover why the years between retirement and required distributions can create one of the biggest tax planning opportunities for Pantex retirees.

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FREQUENTLY ASKED QUESTIONS

Below are the most common questions we hear from Pantex employees in the years before and after retirement.

1. Which Pantex pension payment option should I choose? +

There’s no universally right answer — it depends on your spouse’s age and health, your other income sources, your tax situation, and how the pension fits with the rest of your retirement income. The single life option pays the most each month but stops at your death. Joint and survivor options pay less monthly but continue to your spouse for life (typically at 50%, 75%, or 100% of your benefit). The level income option (where available) front-loads payments before Social Security kicks in, then reduces afterward. Certain and continuous options guarantee a minimum number of payments (10, 15, or 20 years) to a beneficiary if you pass early. Once you elect and payments begin, the choice generally cannot be reversed, so this is a decision worth modeling carefully before you sign.

2. How is my Pantex pension actually calculated? +

Your monthly benefit is based on a formula that multiplies a percentage (typically 1.3% or 1.5%, depending on your plan) by your Final Average Earnings and your years of Pension Service Credit. Final Average Earnings is calculated differently across the Non-Bargaining, Metal Trades Council, and Guards Union plans, so two Pantex employees who retire the same year with similar paychecks can end up with meaningfully different pensions.

3. Can I retire from Pantex at age 50? +

You can begin receiving a reduced pension benefit as early as age 50 if you’re vested (five years of credited service), but the reduction can be significant. Whether early retirement makes sense depends less on whether the plan allows it and more on whether your overall financial picture — including the Voya Savings Plan, other investments, and healthcare bridging — can support 15+ years of retirement before normal Social Security and Medicare eligibility.

4. What happens to my Pantex pension if I pass away before my spouse? +

It depends on the payment option you elect at retirement. If you elect a single life annuity, payments stop at your death. If you elect a joint and survivor option, your surviving spouse receives a percentage (typically 50%, 75%, or 100%) of your benefit for life. If you elect a certain and continuous option, payments continue to your designated beneficiary for the remainder of the guaranteed term. Pre-retirement survivor protection works differently from post-retirement — both deserve a careful look before you sign your election forms.

5. Should I roll my Pantex Voya Savings Plan into an IRA? +

Tax planning for Pantex retirees usually involves three levers: timing (when you take income from each account), location (which account types you draw from in which order), and conversion (moving money from tax-deferred to tax-free vehicles in low-bracket years). The years between retirement and age 73 are often the highest-leverage tax planning window of your life. We help clients map out a 10–20 year tax projection and plan around it.

6. Can I leave my money in the Pantex Savings Plan after I retire? +

Yes, you can keep your balance in the plan and continue to invest it through Voya. Required Minimum Distributions still apply once you reach the applicable age (currently 73 for most retirees). Keeping funds in the plan can preserve some advantages — but it also limits your flexibility, so it’s worth comparing against an IRA rollover annually.

7. I have over $1 million in my Pantex Savings Plan. Are there strategies to reduce taxes long-term? +

Possibly significant ones. Strategies worth analyzing include partial Roth conversions during low-income years (especially the gap between retirement and Social Security), strategic withdrawal sequencing across taxable, tax-deferred, and tax-free accounts, qualified charitable distributions after age 70½, and net unrealized appreciation (NUA) treatment if you hold employer stock. For larger balances, the tax savings from getting this right can be six figures over retirement.

8. When should I claim Social Security if I’m also receiving a Pantex pension? +

Pantex pensions are not subject to the Windfall Elimination Provision (WEP), so claiming Social Security is a more straightforward decision than for some government workers. Most pre-retirees benefit from waiting past Full Retirement Age — every year you delay past FRA up to age 70 increases your benefit by roughly 8%. The right claiming age depends on your other income, your spouse’s benefit, your health, and your tax bracket.

9. Will my Pantex pension cause my Medicare premiums to increase? +

It can. Medicare’s Income-Related Monthly Adjustment Amount (IRMAA) increases your Part B and Part D premiums when your modified adjusted gross income exceeds certain thresholds. A pension, Social Security, and required minimum distributions can stack quickly. With planning — particularly Roth conversions before Medicare eligibility — many clients can reduce or avoid IRMAA surcharges in retirement.

10. How can I minimize taxes on my Pantex retirement income? +

11. How do I cover health insurance if I retire from Pantex before age 65? +

Your options usually include continuing Pantex retiree medical (if eligible based on your hire date and service), a spouse’s employer plan, COBRA for up to 18 months, or an ACA marketplace plan. Each has very different cost structures, and ACA premium subsidies are income-tested — which means how you pull income from your accounts in those bridge years can directly affect what you pay for insurance.

12. What happens to my Pantex retiree medical benefits when I turn 65? +

Once you become Medicare-eligible, your Pantex retiree medical coverage typically transitions or coordinates with Medicare. The specifics depend on your hire date and plan, so this is one of the more individualized questions on this list. We help clients sequence their retirement date, Medicare enrollment, and any retiree coverage transitions so nothing falls through the cracks.

13. Why work with an independent fiduciary instead of the advisor I already have? +

A fiduciary is legally obligated to act in your best interest at all times — not "suitability," not "best interest at the moment of recommendation." Independent fiduciaries also aren’t tied to a parent company’s product shelf. For someone navigating Pantex pension elections, Voya rollover decisions, and a $1M+ portfolio, that distinction matters: the wrong election or the wrong rollover can cost you a great deal more than any advisory fee.

14. Do I really need a financial advisor if I have a pension and a 401(k)? +

If your situation were truly simple, probably not. But by the time someone has a Pantex pension, a Voya balance, Social Security decisions ahead, retiree healthcare to navigate, $1M+ in investable assets, and a spouse and family to plan for — the question stops being "do I need help" and starts being "can I afford the cost of getting any one of these decisions wrong?" Most of our clients say the value of getting it right vastly exceeds the fee.

15. How do we get started? +

The first step is a confidential conversation — no cost, no obligation. We’ll ask about your timeline, your benefits, and what you’re trying to accomplish. If we’re a good fit, we’ll lay out exactly what working together looks like. If we’re not, we’ll point you toward someone who is. We work with a select number of Pantex households at a time so we can give each one the attention they deserve.