Can You Transfer Your TSP to an IRA? An Ultimate Guide to Rollover TSP
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The Thrift Savings Plan is a great retirement plan for people in the armed services and federal employees. However, the investment opportunities in TSP are strict and limited. That is why you might want to consider transferring your TSP to an IRA. And here are some of the things that you need to consider before doing that.
You can cash out your TSP balance. With this information, you need to decide what you want to do. If you want to transfer your TSP to an IRA, you will have to learn the TSP rollover process. You might want to transfer your TSP to an IRA account for several reasons. Well, you can easily do that if you know how to do it.
Taxes can be a pain when you are doing a rollover of your TSP fund. That is why you need some tips to minimize taxes. So, let’s say that you decide to do a TSP rollover to an IRA. You can choose to do a rollover to a traditional IRA as well as a Roth IRA. To minimize taxes, you should do a rollover from a Roth to Roth or traditional to traditional. So, if you have a traditional TSP account, you should do a rollover to a traditional IRA account as well. The same thing goes to Roth accounts. Can you transfer your TSP to an IRA? Yes, but you need to know how doing it in the best way.
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