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This week on Your Turn, estate planner and tax lawyer Thomas O’Rourke joins host Mike Causey to discuss what you can do to maximize the amount of money you have in your retirement accounts.
O’Rourke will talk about how to prep for retirement whether you are just starting out in government, are close to retiring or are using your government job as a launch pad to a better-paying position in the private sector. Whatever your age, length of service and career game plan, maxing out in the Thrift Savings Plan is a no-brainer. There are tax-savings, that maximum 5 percent government match and tax-deferred earnings.
O’Rourke also explains the advantages of both the traditional TSP and a Roth TSP. Which is best? The correct answer, he says, is “it depends!” It depends on your current tax bracket, your anticipated tax bracket when you start withdrawing money from the TSP how long you can live comfortably without tapping the account.
For retiring feds, planning is more than picking a date