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. 
 

As a reminder:

  • An IRA allows 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.
     

A Rollover IRA can provide the following opportunities:

  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.
 

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

My husband and I have been members of Cinfed for over 25 years. When he retired, we had limited involvement with Cinfed since it was very close to our workplace, but not our home. Recently we... 
— Cheryl, member since 1981
I have been a member of Cinfed Credit Union since 1986 when I started working for IRS. I recently spent a week in the hospital and four weeks in a skilled nursing facility going through rehab. The... 
— Suzanne, member since 1986
Cinfed is special for me. I moved to several states and Cinfed is the only account I kept with me wherever I go. Through the shared branching, I get all the service I need. Whenever I call, I am... 
— Tseagye, member since 2010
Cinfed rocks! I hope you guys understand that what you are offering are not just loans and accounts but things that mean much more than that, things that keep hope alive, that help people like me... 
— Pankaj, member since 2014
I joined Cinfed after my first season working for IRS in the early 1980's. Now over thirty years later, I am still impressed with them. Every customer service representation that I have been in... 
— Ros
I've been banking with Cinfed for almost one year now and it has been a wonderful experience. They get back to you very promptly and can help you for all of your banking needs, quite efficiently. I... 
— Brandon, member since 2014
I have been a member for over 25 years. I think good service should be recognized. Julie at the Roselawn branch always gives great service with a smile. She is also a very dedicated employee. ... 
— Rita, member since 1985
I have had most of my family to join. I will never change banks, the service is great.
— Joen, member since 1988
Love them as a bank and the customer service has always been outstanding...Great job Cinfed.
— Posey, member since 1984
We've only been members for a little over a month and already feel the difference. I don't want to name names, but let's just say Cinfed is WAY better than our previous institution that rhymes with... 
— Jeff, Dawn, & Jordan, members since 2013
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
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
Recently I tried to locate the Oakley office using google maps. The google directions did not get me close to Cinfed. I called the office and Liz remained on the phone until I reached the... 
— Debbie G
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

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.