What will happen to your TSP when you're retired or separated from federal service? Let's dive deep into the TSP withdrawal options. Private Group Coaching with Psy ➡️ 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨🏫 Free Financial Coaching 👩🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - ⏰ Table of Contents ⏰ 0:00 TSP Retirement Withdrawal by Age 2:43 TSP Withdrawal Options 6:46 TSP L Income Fund #FIREPsyChat #FinancialIndependence #TSP 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 Disclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons....(read more)
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As an employee of the federal government or a member of the military, you may have been contributing to the Thrift Savings Plan (TSP) to save for your retirement. When you retire, you have the option to withdraw your funds from the TSP. However, it is important to understand the withdrawal options and consequences before making any decisions. Here are some steps to follow when planning to withdraw from TSP after retiring from federal service or the military: 1. Review your withdrawal options: You can choose to make a partial or a full, one-time payment or choose to receive monthly payments through TSP. There are also other options to consider, such as transferring your funds to an IRA or another employer-sponsored retirement plan. 2. Understand the tax implications: The money you withdraw from TSP will be subject to federal income taxes. State taxes may also apply, depending on which state you live in. It is important to consult with your accountant or tax professional to determine the amount of taxes you will owe. 3. Consider your withdrawal timing: You can start withdrawing your funds from the TSP as early as 59 ½. If you retire before 59 ½, you will be subject to a 10% early withdrawal penalty, unless you qualify for an exemption. It is important to plan your withdrawals accordingly to avoid any penalties. 4. Submit your withdrawal request: Once you have reviewed your options and determined your timing, you can submit a withdrawal request to TSP. You can do this online by logging in to your account or by completing a paper form. 5. Monitor your TSP account: Once you have initiated your withdrawal, monitor your TSP account to ensure that the funds are transferred appropriately. If you have chosen monthly payments, monitor your account to ensure that the payments are received on time. It is important to note that TSP withdrawals cannot be reversed once they are processed. Therefore, it is important to carefully consider your options and consult with a financial advisor before making any withdrawals. In conclusion, retiring from federal service or the military can be a daunting task, but withdrawing from TSP does not have to be. By following these steps, you can make informed decisions about your TSP withdrawals and ensure a smooth transition into retirement. https://inflationprotection.org/servicewithdrawal-from-tsp-upon-retirement-from-federal-or-military-service-a-guide/?feed_id=93850&_unique_id=645215e729c4e #Inflation #Retirement #GoldIRA #Wealth #Investing #earlyretirementplanning #financialindependenceretireearlymovement #howtoretireearly #howtowithdrawfromretirementearly #HowtowithdrawfromTSP #howtowithdrawTSPearly #rothvstraditionaltsp #tsp #TSPforearlyretirement #TSPinstallmentsforretirees #TSPLIncomeFundexplained #TSPlifeannuity #TSPpartialvstotaldistributions #TSPretirementinvestmentplanning #TSPretirementwithdrawalstrategy #TSPtoRothIRArollover #tspwithdrawaloptions #TraditionalIRA #earlyretirementplanning #financialindependenceretireearlymovement #howtoretireearly #howtowithdrawfromretirementearly #HowtowithdrawfromTSP #howtowithdrawTSPearly #rothvstraditionaltsp #tsp #TSPforearlyretirement #TSPinstallmentsforretirees #TSPLIncomeFundexplained #TSPlifeannuity #TSPpartialvstotaldistributions #TSPretirementinvestmentplanning #TSPretirementwithdrawalstrategy #TSPtoRothIRArollover #tspwithdrawaloptions
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