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.
In most cases a retired military officer will have to take distributions from his or her retirement accounts when turning 70 1/2. There is a way to avoid this though, if you are still employed when your Required Beginning Date (RBD) occurs.
Many retiring military officers will start a second career. Some of them will be offered a 401(k) that doesn't provide for employer matching. Here are 6 considerations to think about when deciding if you want to participate.
TSP is a good place to save for retirement. But, you want to make sure you keep your beneficiary designations up to date and you need to plan for how to pass the funds on to the beneficiaries, first and second generation, with the lowest possible tax load.
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