Transfer TSP Funds into Annuities

If you are preparing for retirement as a government employee, it is likely you have heard of the Thrift Savings Plan (TSP). In fact, you may be wondering about how to manage the funds within your savings plan. When it comes to your Thrift Savings Plan, there are several withdrawal options available. Other elections include lump sum payments, monthly withdrawals, a combination of the two, and more.

Compared to CSRS or FERS retirement benefits, the TSP provides a more tailored fit toward annuity benefits. Government employees may choose between three basic TSP options. These include single life, joint life with a spouse, and joint life (including someone other than a spouse). For these reasons, among many others, the TSP serves as the perfect long-term solution to retirement finances and beyond.

Single life serves an annuity that only pays you during your lifetime. A joint life with a spouse is an annuity that pays you while you are alive and continues to pay your survivor after your death. Joint life, with another individual other than a spouse, pays you and the other individual during your lifespans. When either party dies, the annuity is paid directly to the remaining survivor for the rest of their life. When choosing the individual to put on this type of joint life, it should be someone who shares an insurable interest. Typically, these individuals serve as a former spouse, adopted relative, or blood relative.

You can also combine basic annuities with other annuity features, such as a cash refund, a ten-year certain payout, and increasing payments. It’s important to note, though, that not every aspect qualifies for combination. Plus, once an annuity is purchased, the money is transferred over to a private company. Once that company receives your savings funds, it becomes solely responsible for providing said benefits, removing all responsibility from the TSP.

A cash refund in the amount of the difference will be paid out to a designated beneficiary if you die before receiving the entire account balance. The ten-year certain payout provides payments to beneficiaries in the amount of the remaining portion over the course of a ten-year period. An increasing payment experiences 2% annual increases applied to each monthly payment.

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Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.