This is what upsets me. I won't be able to retire at 62 if I can't use my pension to buy a car and have a back up for expenditures. I will only get $800.00 per month SS and one can not live on that these days. I was so hoping to be able to retire at age 62. If I wait until 65, can they still take my pension?
Regardless of your plans to take Social Security, you should probably rollover your pension into a qualified account like an IRA. Withdrawals on a Traditional IRA (also known as distributions) can begin at age 59 1/2 and are mandatory by 70 1/2. (Withdrawals before age 59 and a half are usually subject to a 10 percent penalty.)
NewRetirement can connect you with a prescreened rollover advisor: https://www.newretirement.com/Services/Find_Rollover_3_Steps.aspx
You should also carefully consider your plans to begin Social Security at age 62.
-- Learn more about the benefits of delaying Social Security here: http://www.newretirement.com/Services/Social-Security-Benefits.aspx
-- Learn more about working past retirement, here.
-- Remember that you will not be eligible for Medicare until you are age 65. If you are not working, private medical insurance will likely be prohibitively expensive.
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.