Why You Need to Hire TSP Financial Advisor in Buford

Posted by Federica Lopez on May 16th, 2016

If you are going to retire in the next few years and searching for a financial advisor, you are at the right place. This article talks about how to plan wealth after a retirement to attract better returns.

If you are a federal employee, you must be having some information about the Thrift Saving Plan (TSP) that is a retirement and saving plan for federal employees. The Thrift Saving Plan was established by Congress in the Federal Employees' Retirement System Act of 1986. And the main objective of TSP is to offer the federal employees retirement income. Savings and tax benefits offered by the TSP are the same as offered by many private corporations to their employees under "401(k)" plans.

You should know that you may have to pay an early withdrawal penalty tax, in addition to the regular tax, if you receive a TSP withdrawal payment before you reach age 59½. If you want to withdraw your TSP money before the right time, it is advisable that you should take the help of a TSP financial advisor in Buford to make the best decision. When it comes to TSP withdrawals, you have two choices:

Partial Withdrawals
The partial withdrawal of TSP allows federal employees to make a one-time-only withdrawal and keep the rest money in the TSP until a later date. There are certain circumstances when you can make a partial withdrawal, which include your request 00 or more from your account, you have not made a prior withdrawal, and you did not make an age-based withdrawal during your service.

Full Withdrawals
You can withdraw all of your money at once. You also have an option to buy an annuity that will make payments to you for life. There are many flexible options available for you to choose from.     

If you are having a uniformed services TSP account, it may include tax-exempt contributions in your traditional balance because of you having served in a combat zone. These contributions are exempt from federal income taxes. However, the earnings on them attract taxes.

Needless to say, it is difficult to have the in-depth understanding of financial matters. Therefore, taking the help of a TSP financial advisor is a good decision if you want to make any financial decision related to TSP. An experienced financial professional knows all the nitty-gritty of TPS and provides an expert advice on the matter. With an experienced financial expert on your side, you will most likely to make a good decision.


Author Bio:
The author is working as a freelance writer. He has written many articles and blogs on various topics related to TSP financial advisor in Buford and other financial matters.