Timothy Sumer

Kevin answers a question regarding the Thrift Savings Plan (TSP). The question asks if someone who is about to retire, but hasn't yet, can do anything extra with their TSP. The answer is that if the person is 59 and a half or older, they can take some or all of their money and move it to an IRA without incurring any fees or taxes. They can still contribute to their TSP and get the 5 % match if they are a first employee. However, there may be fees when they use the money later on. He suggests attending their workshop for more details on what can be done and why one might want to do it. Overall, the transcript provides useful information for those looking to manage their TSP before retiring. It highlights the flexibility offered by the plan and the opportunity to move money to an IRA without penalties. However, it also notes that the decision to do so depends on individual circumstances, and attending a workshop can provide more specific guidance. Join us at a Fed Pilot w...