This podcast was originally a YouTube video, you can watch that video here: https://youtu.be/6zPPOe6EowA
Remember, retirement is a new chapter in your life, and it's up to you to write its story. Follow our Medium Blog and schedule a consultation with Charles to tailor a plan that suits your unique financial goals: https://calendly.com/charlesdzama/complimentary-15-minute-phone-call-youtube
On this video:
0:10 Eligibility to Withdraw: You can withdraw money from your TSP while still working if you meet specific qualifications.
0:15 Age Requirement: The primary qualification is that you must be at least 59 and a half years old.
0:43 Types of Withdrawals: You can either roll over or withdraw your money penalty-free if you are still in service and meet the age requirement.
0:50 Tax Implications: Direct withdrawals from TSP are taxable because most TSPs are tax-deferred.
1:03 Preferred Option - Rollovers: Most people prefer to roll over their TSP funds into an IRA to maintain the tax-deferred status. IRA Rollovers: Rolling over to an IRA is beneficial as it defers the tax liability to a later date.
1:25 Federal Policy: The federal government allows this rollover at 59 and a half because they understand people might need to access their money to secure their financial future.
1:48 Building a Financial Foundation: The video emphasizes the importance of building a solid financial foundation for retirement, akin to constructing a stable house.
2:55 Considerations Before Withdrawing: Before withdrawing or rolling over TSP funds, consider why you want to do it, where the money will go, and whether you can afford to retire.
Additional Resources: For further assistance, CD Financial offers complimentary consultations, which can be scheduled through the link provided in the video description.
Connect with CD Financial for More Insights:
Twitter: /CDFinancial_LLC
Instagram: /CDfinancial.llc
Facebook: /CDFinancialLLC
LinkedIn: /cd-financial-llc
Visit our Website https://cdfinancial.org/
Subscribe and Stay Updated:
Don't miss out on crucial advice for your financial journey. Subscribe now for weekly insights and strategies to secure your retirement.
#RetirementPlanning #TSP #401K #FinancialAdvice #InvestmentStrategy #FederalBenefits
This podcast was originally a YouTube video, you can watch that video here: https://youtu.be/6zPPOe6EowA
Remember, retirement is a new chapter in your life, and it's up to you to write its story. Follow our Medium Blog and schedule a consultation with Charles to tailor a plan that suits your unique financial goals: https://calendly.com/charlesdzama/complimentary-15-minute-phone-call-youtube
On this video:
0:10 Eligibility to Withdraw: You can withdraw money from your TSP while still working if you meet specific qualifications.
0:15 Age Requirement: The primary qualification is that you must be at least 59 and a half years old.
0:43 Types of Withdrawals: You can either roll over or withdraw your money penalty-free if you are still in service and meet the age requirement.
0:50 Tax Implications: Direct withdrawals from TSP are taxable because most TSPs are tax-deferred.
1:03 Preferred Option - Rollovers: Most people prefer to roll over their TSP funds into an IRA to maintain the tax-deferred status. IRA Rollovers: Rolling over to an IRA is beneficial as it defers the tax liability to a later date.
1:25 Federal Policy: The federal government allows this rollover at 59 and a half because they understand people might need to access their money to secure their financial future.
1:48 Building a Financial Foundation: The video emphasizes the importance of building a solid financial foundation for retirement, akin to constructing a stable house.
2:55 Considerations Before Withdrawing: Before withdrawing or rolling over TSP funds, consider why you want to do it, where the money will go, and whether you can afford to retire.
Additional Resources: For further assistance, CD Financial offers complimentary consultations, which can be scheduled through the link provided in the video description.
Connect with CD Financial for More Insights:
Twitter: /CDFinancial_LLC
Instagram: /CDfinancial.llc
Facebook: /CDFinancialLLC
LinkedIn: /cd-financial-llc
Visit our Website https://cdfinancial.org/
Subscribe and Stay Updated:
Don't miss out on crucial advice for your financial journey. Subscribe now for weekly insights and strategies to secure your retirement.
#RetirementPlanning #TSP #401K #FinancialAdvice #InvestmentStrategy #FederalBenefits