Moving funds from your TSP can be a tricky process. But in this FERS Federal Fact Check, Micah identifies mistakes that people often make, so you don't have to! You can read the full article here: Leave us a comment below if you have a question about transferring funds from your TSP, and we'll try to answer it in a future video. -=-=-=-=- Want to learn more about how you can plan for your federal retirement? Then check out: Plan Your Federal Retirement Website: Do you like listening to podcasts? Want to specifically learn how to better plan for your federal retirement? Then check out: Plan Your Federal Retirement Podcast: Are you looking to work with a financial planner who specializes in the intricacies involved with the federal employee retirement system? Then check us out: Shilanski & Associates, INC.: Also, follow me at these places below and say hi! LinkedIn: Facebook: Until next time, happy planning! Micah Shilanski, CFP® #PlanYourFederalRetirement #TSP #Roth Advisory services offered through Shilanski & Associates, Inc., an Investment Adviser doing business as “Plan Your Federal Retirement”. Plan Your Federal Retirement is not employed by the United States Federal Government and does not represent the United States Federal Government. All content on this site is for information purposes only. This website is not personalized investment advice. Securities investing involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Please review our Customer Relationship Summary (Form ADV Part 3) for important information about our services and fees. Opinions expressed herein are solely those of Shilanski & Associates, Incorporated, unless otherwise specifically cited. Material presented is believed to be from reliable sources, and no representations are made by our firm as to other parties, informational accuracy, or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation. Content provided herein is for informational purposes only and should not be used or construed as investment advice or recommendation regarding the purchase or sale of any security. There is no guarantee that any forward-looking statements or opinions provided will prove to be correct. Securities investing involves risk, including the potential loss of principal. There is no assurance that any investment plan or strategy will be successful....(read more)
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When you decide to move your funds from your Thrift Savings Plan (TSP) to an IRA to a Roth IRA, you may be making one of the most important financial decisions of your life. But, if you’re not careful, you can make some costly mistakes. Here are some of the most common mistakes that can happen when you move your funds from your TSP to an IRA to a Roth IRA. 1. Not Having Enough Money for the Conversion: When you move your funds from your TSP to an IRA, you need to make sure that you have enough money in your TSP account to cover the cost of the conversion. If you don’t have enough money in the account, you may have to take out a loan to cover the costs. 2. Not Understanding the Tax Implications: When you move your funds from your TSP to an IRA to a Roth IRA, you may be subject to taxes on the money that you move. It’s important to understand the tax implications of the move before you do it so that you can plan accordingly. 3. Not Planning for the Future: When you move your funds from your TSP to an IRA to a Roth IRA, you need to make sure that you plan for the future. This means that you need to make sure that you have enough money in the account to cover your future expenses, such as retirement. 4. Not Understanding the Fees: When you move your funds from your TSP to an IRA to a Roth IRA, you may be subject to fees. It’s important to understand the fees associated with the move before you do it so that you can plan accordingly. 5. Not Having a Plan for the Money: When you move your funds from your TSP to an IRA to a Roth IRA, you need to have a plan for the money that you move. This means that you need to decide how you’re going to use the money, whether it’s for retirement, investments, or something else. Making the decision to move your funds from your TSP to an IRA to a Roth IRA can be an important financial decision. But, if you’re not careful, you can make some costly mistakes. By understanding the tax implications, planning for the future, understanding the fees, and having a plan for the money, you can avoid these mistakes and make the most of your decision. https://inflationprotection.org/mistakes-that-can-happen-when-you-move-your-funds-from-your-tsp-to-an-ira-to-a-roth-ira/?feed_id=72850&_unique_id=63f637b61b2c0 #Inflation #Retirement #GoldIRA #Wealth #Investing #CertifiedFinancialPlanner #federalemployee #FederalEmployeeEarlyRetirement #FederalEmployeeFinancialIndependence #FederalEmployeeGroupLifeInsurance #FederalEmployeeHealthBenefits #FederalEmployeeRetirementPlanning #federalemployeeretirementsystem #federalfinancialplanner #fegli #FEHB #FERS #FERSSupplement #MicahShilanski #MilitaryServiceBuyBack #MinimumRetirementAge #MRA #PlanYourFederalRetirement #rothtsp #thriftsavingsplan #tsp #SpousalIRA #CertifiedFinancialPlanner #federalemployee #FederalEmployeeEarlyRetirement #FederalEmployeeFinancialIndependence #FederalEmployeeGroupLifeInsurance #FederalEmployeeHealthBenefits #FederalEmployeeRetirementPlanning #federalemployeeretirementsystem #federalfinancialplanner #fegli #FEHB #FERS #FERSSupplement #MicahShilanski #MilitaryServiceBuyBack #MinimumRetirementAge #MRA #PlanYourFederalRetirement #rothtsp #thriftsavingsplan #tsp
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