Making the Most out of your Retirement
logo

Money Matters Blog for Cinfed Members

Keep it Growing: Leveraging IRA, TSP and 401(k) Opportunities

Posted on July 20, 2018
Topic Categories: Consumer Help

Savings Chart

By Brian Bushman, Financial Advisor, Saxon Financial Services
 

Whether you have retired, changed jobs or are at least age 59 ½ and still working, you have an opportunity to give your retirement plan an upgrade. Review your current accounts and consider taking greater advantage of Individual Retirement Accounts (IRAs), the Thrift Savings Plan (TSP) and 401(k) programs. 
 

What is an IRA?

  • An IRA alows you to save money for retirement in a tax-advantaged way.
  • A 401(k) is an employer-sponsored retirement savings plan that lets you save and invest a piece of your pre-tax paycheck.
  • The TSP is a retirement savings and investment plan that offers federal employees the same type of savings and tax benefits that many employees of private corporations receive under 401(k) plans.

     

What opportunities can a Rollover IRA provide?

  1. Consolidate Your Accounts: If you have multiple retirement accounts or IRAs, consolidating your assets into one account could make them easier to track and monitor.
  2. More Investment Options: One of the primary disadvantages to the TSP and most 401(k)s is the lack of investment options. With an IRA you have many more opportunities available. 
  3. More Withdrawal Options: A Rollover IRA provides much more flexibility on how and when you can access your money, giving you more control over your investments.
  4. Professional Guidance: You can work with professional financial advisors who can help you design an investment strategy that is right for your situation. We can improve your ability to reach your retirement goals.
     


Are you age 59 ½ or older?

If so, the Thrift Savings Plan and most 401(k)s allow employees to take “In-Service” distributions. An In-Service distribution allows a current employee over the age of 59 ½ to rollover up to 100% of the current retirement plan balance into an IRA with no tax consequences. You can also continue to make contributions to your TSP or 401(k) account as you have been accustomed to doing while you continue to work.



Planning for the future with Saxon.

That’s just one example of the many ways to keep your retirement investment growing by leveraging the opportunities in IRAs, the TSP and 401(k)s. Cinfed’s Financial Planning Department in partnership with Saxon Financial Services is available to assist you and your family with these topics and any other financial planning concerns you may have. 

 





CONTACT CINFED

Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656

MEMBER REVIEWS

They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Just closed on a Home Equity line of credit loan, and the process couldn't have been any easier. With this I was able to pay off 2 high interest credit cards and deposited the rest into a checking... 
— Thomas
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
As a long time member, I have always received great service from all CinFed employees. I just wanted to say a special thank you to Dee Dee Day and Dawn Strickland. I had to make some changes to... 
— John-Member since 1990
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985

NOTE: You are leaving Cinfed Credit Union's web site. Cinfed is not responsible for content or security policies of this external, linked web site.