As retirement approaches, your Thrift Savings Plan (TSP) plays a vital role in securing your financial future. Our dedicated team specializes in providing TSP advising services for federal employees like you. We understand the importance of optimizing your TSP account to maximize your retirement savings. Our knowledgeable advisors will guide you through the intricacies of the TSP, helping you understand the various investment options, withdrawal strategies, and tax implications. We work closely with you to create a personalized plan that aligns with your retirement goals and risk tolerance. With our expertise, you can confidently navigate your TSP at the point of retirement, making informed decisions that set you on a path to financial independence and peace of mind.
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Here are a few important things to know when it comes to managing your TSP as you near retirement and beyond. For further information and to see how this applies to your specific retirement, contact us!
- Basics
- Considerations
- How Can FERA Help
The TSP basics are… understanding, planning and action!
- Your TSP will serve as 1 of the 3 main streams of income for you in retirement. The other 2 being Social Security and your Federal Pension (or Annuity).
- When depositing and withdrawing funds, it’s important to understand the difference between the traditional TSP and the Roth TSP.
- There are 5 core TSP plans (G, F, C, S, I) that all come with different levels of risk. You can blend your allocation into each fund as you see fit.
Pre-retirement and post-retirement TSP management is apples and oranges.
- Generally speaking, as you near retirement you want to reduce the risk to your TSP and get it somewhere that will protect and conservatively grow the balance.
- Once you stop funding your TSP (i.e., Retire), in order to give yourself more options and control of your “nest egg” you have the option to roll it into an IRA.
- It’s important to understand the impact of “Required Minimum Distributions” (or “RMDs” as they are more often referred to) at age 72 in order to ensure you are compliant with IRS rules to avoid penalties.
- Consider working with an experienced advisor to get a better understanding of these concepts and avoid costly mistakes.
You’ve worked hard to build your TSP, now it’s time to make a solid plan and execute!
We get it. With all the components of the “Federal Retirement Puzzle”, it can get overwhelming to work through all the details and be confident in making a solid and actionable plan to maximize your retirement. And TSP planning is one of the more complicated pieces that should be handled carefully in order to prevent irreversible bad decisions and/or preventable tax losses. But no worries, we’re here to help! Consider working with our experienced team of federal retirement advisors, backed by a fully licensed fiduciary, to make the best plan possible and maximize your retirement income.
