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Can I roll over my Thrift Savings Account?

I have a Thrift Savings Account (like an IRA) with the Federal Government. I am retired and taking Required Minimum Distributions. Can I roll over this account into some other financial instrument without paying taxes on the total and also reap additional monetary security and income advantages?

Retirement Savings, Taxes
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July 2016

Hello,

Thank you for your question. Rollovers can definitely be a confusing topic to understand. Keep in mind that your Thrift Savings Plan is essentially a 401(k). Here is an excerpt from a recent article I wrote on rollover options:

"Here is a clear and simple explanation of what a 401(k) rollover is and what your options are when you leave or retire from your job. According to FINRA, people have 4 choices when they start a new job or retire:

  • Leave the money in your former employer’s plan
  • Roll over the money to your new employer’s plan, if the plan accepts transfers
  • Roll over the money into an individual retirement account (IRA)
  • Take the cash value of your account"

To read the full article please click here. Please let me know if you have any additional questions.

Best Regards,

Derek Notman

July 2016
July 2016