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While many private-sector workers build their nest eggs through 401(k) plans, federal employees and members of the uniformed services have their own retirement savings and investment plan. This is called the Thrift Savings Plan (TSP).
With more than 5 million participants and close to $500 billion in assets, the TSP is recognized as the largest defined-contribution retirement plan in the world.
This fall, TSP plan participants will see significant changes to their withdrawal options.
Many participants have been asking for expanded options. But it took the TSP Modernization Act, which Congress passed and the president signed into law in November 2017, to make them a reality.
Starting November 15, 2019, after two years of planning, the Federal Retirement Thrift Investment Board (FRTIB), the agency that administers the TSP, will offer new options.
These new additions and changes are designed to give plan participants and plan retirees more choices for withdrawing their investments.
Annuities come in all shapes and sizes. And when you are considering one as part of your retirement strategy, sure, it’s important to determine whether an annuity is right for your financial situation.
But there are more annuities than hedge funds in today’s financial marketplace. That is a staggering number of options. If, relative to other solutions, an annuity does help you achieve your retirement goals, then choosing the right one is just as important as its role in your portfolio.
When people plan for their retirement, they usually have one chance to get it right. Your choices will determine whether you live well in later years – or will fall short and will have to deal with the results. This applies just as much to annuity purchase decisions as well as other financial choices for your future.
If you happen to be considering a fixed index annuity for your retirement, understanding how the annuity indexing works is a crucial component.
Your index annuity has many ways of being credited interest. And you might also have a wide menu of index options, from the plain-vanilla S&P 500 price index to newly-minted “volatility controlled” indices.
First, let’s explore how annuity indexing works. This will cover only annuities of the fixed variety.
Then we will address the new wave of indexing options that include volatility controls, which are a debated topic in the industry.
"I recommend Mike Marrone, and Marrone Financial, for their professionalism, financial experience, and knowledge of the retirement planning space. Mike is exemplary in his dedication to consumer education and in helping his clients find solutions that fit their complete financial picture."Brent Meyer Jr., Founder of SafeMoney.com