TSP Withdrawal Options are HORRIBLE! Why You Should Roll it to an IRA

Public Safety Employees can take distributions from their government sponsored retirement plans at age 50 WITHOUT the 10% penalty!

Did you know that? I did not and I can’t believe I missed this! Many thanks to a subscriber who pointed this out to me today.

This law was signed by Obama in 2015, yet here it is 2018 and I was only made aware of it. Crazy.

Two morals of the story here:

1. If you are a government Public Safety Employee you’d be CRAZY to rollover your retirement $ to an IRA. (Even double if you’re ANY government employee living in MD or RI).

2. No one knows everything. You need to be open to other ideas and suggestions as someone WILL know something you do not.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

https://www.investmentnews.com/article/20150918/FREE/150919904/law-expands-10-penalty-exception-for-public-safety-workers
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I like the TSP. No, I LOVE the TSP! And you should too. However, when it comes to distributions from the TSP, you literally could not make it any more complex.

For this reason alone, it would be wise to roll your TSP over to an IRA upon separating from service, unless you really, and I mean REALLY, want to leave your heirs with a nightmare.

Now, when I say rollover to an IRA, I don’t propose you put it into a high cost fund or annuity. You can get similarly cheap investments at Vanguard and other places as TSP. But with those firms come much more flexibility in distribution options.

=================================
GET ALL MY LATEST BLOGPOSTS:

If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the vide to others who may be interested in the content. So, give me a thumbs up, please!

Don’t forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1

Contact me: Josh@heritagewealthplanning.com

GET MY BOOKS:
Both are FREE to Kindle Unlimited Subscribers!

The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It
https://amzn.to/2LHwQpt

Strategic Money Planning: 8 Easy Ways To Put Your House In Order
https://amzn.to/2wKGi50

PODCAST:
https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2
http://heritagewealthplanning.com/category/podcasts/

LET’S SOCIALIZE!
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