You spent your military career moving around the world. You may have moved for your second career. Now your thinking about moving for your ultimate retirement. But, where to go?
What should you do with TSP when you retire from the military? It depends. Here are some ideas to help you decide.
Many military spouses work as teachers. And in some states, they don't pay into Social Security. If that applies to you or you work in another government job where you don't or didn't pay into Social Security, you need to understand how the Government Pension Offset (GPO) could affect your Social Security spousal and survivor benefits.
Many retired military officers want to contribute to a Roth IRA while working. The problem is that often their income is too high to contribute to a Roth. There is a work around, but if you have a Traditional IRA or if you roll TSP to an IRA, it doesn't work like you may think.
If you served in the military between 1957 and 2001 your Social Security benefits may be "beefed up". In most cases the adjustment will be automatic. But just like in your military career, Trust but Verify.
If you have employer stock in your 401(k) you have options on how you take it out. A lot of defense contractors do offer company stock in a 401(k). If you're a retired military officer that has company stock in your 401(k), you need to understand Net Unrealized Appreciation.
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