Retirement Planning

Exclusive guides, tips, and strategies on how to prepare for and enhance retirement planning.

What Happens to My TSP When I Retire?

Options for Your Thrift Savings Plan (TSP) at Retirement Keeping Your TSP Account Using the Annuity Option Rolling into an Individual IRA Fixed Indexed Annuity Comparing TSP Retirement Options Feature Stays in TSP Annuity Option IRA Fixed Indexed Annuity Risk Exposure Depends on Investment Choices Low Protected from Market Loss Flexibility High Low Medium Potential…

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What is the Maximum Withdrawal from a 401(k)?

Understanding 401(k) Withdrawal Limits The maximum withdrawal from a 401(k) depends on several factors, including your age, the balance in your account, and the rules of your specific 401(k) plan. Importantly, there is no legal maximum withdrawal limit. Instead, withdrawals are typically guided by your financial needs and retirement strategy. Factors Influencing 401(k) Withdrawals Calculating…

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Are Pensions Rare Now?

Overview of Pension Rarity Pensions, once a mainstay of retirement planning, are indeed becoming rarer. The shift has been towards defined contribution plans, like 401(k)s, where the risk and responsibility of saving for retirement fall more on the individual rather than the employer. The Decline of Pensions Alternative Retirement Savings Options Deferred Annuity with Guaranteed…

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Cons of Withdrawing from a TSP

Potential Risks of Withdrawing from a TSP Comparing TSP Withdrawal with Rolling into an IRA Annuity Conclusion While withdrawing from a TSP can present risks such as running out of funds, loss of compounding benefits, and tax implications, transitioning into an IRA annuity can offer stability, protection from market volatility, and additional benefits like earning…

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Should I Take My TSP as an Annuity?

Reasons Against TSP Annuity Option Alternative: IRA Fixed Indexed Annuity with GLWB Helpful Tool: How much can my TSP pay me in guaranteed retirement income TSP Annuity vs. IRA Fixed Indexed Annuity with GLWB Feature TSP Annuity IRA Fixed Indexed Annuity with GLWB Liquidity No Yes Interest Earnings Low/None Potentially Higher Control Over Funds Limited…

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How Much Does Assisted Living Cost?

Overview of Assisted Living Costs The national median monthly cost of an assisted living facility is $4,500. This cost varies depending on location, the level of care required, and the amenities offered by the facility. Ways to Reduce Assisted Living Costs Example of Cost Reduction Comparison of Cost Reduction Methods Cost Reduction Method Description Potential…

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