Moving funds from your TSP can be a tricky process. But in this FERS Federal Fact Check, Micah identifies mistakes that people often make, so you don’t have to!

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When you decide to move your funds from your Thrift Savings Plan (TSP) to an IRA to a Roth IRA, you may be making one of the most important financial decisions of your life. But, if you’re not careful, you can make some costly mistakes. Here are some of the most common mistakes that can happen when you move your funds from your TSP to an IRA to a Roth IRA.

1. Not Having Enough Money for the Conversion: When you move your funds from your TSP to an IRA, you need to make sure that you have enough money in your TSP account to cover the cost of the conversion. If you don’t have enough money in the account, you may have to take out a loan to cover the costs.

2. Not Understanding the Tax Implications: When you move your funds from your TSP to an IRA to a Roth IRA, you may be subject to taxes on the money that you move. It’s important to understand the tax implications of the move before you do it so that you can plan accordingly.

3. Not Planning for the Future: When you move your funds from your TSP to an IRA to a Roth IRA, you need to make sure that you plan for the future. This means that you need to make sure that you have enough money in the account to cover your future expenses, such as retirement.

4. Not Understanding the Fees: When you move your funds from your TSP to an IRA to a Roth IRA, you may be subject to fees. It’s important to understand the fees associated with the move before you do it so that you can plan accordingly.

5. Not Having a Plan for the Money: When you move your funds from your TSP to an IRA to a Roth IRA, you need to have a plan for the money that you move. This means that you need to decide how you’re going to use the money, whether it’s for retirement, investments, or something else.

Making the decision to move your funds from your TSP to an IRA to a Roth IRA can be an important financial decision. But, if you’re not careful, you can make some costly mistakes. By understanding the tax implications, planning for the future, understanding the fees, and having a plan for the money, you can avoid these mistakes and make the most of your decision.