Knowing all the benefits for federal workers is a job in itself. Saving for retirement is different when working for the government, according to Winter Troxel of Bridgemark Wealth Management. As opposed to a 401K, federal employees have a TSP. But much like workers in the private sector, they need to know how to best save and use that money. Here are the 4 options for doing so:

1. Turn it into an annuity. This is a way of getting guaranteed income. Take your TSP balance and turn it over to an insurance company to guarantee income in return.

2. Use a structured withdrawal. Tell your TSP board you want to take a certain amount of regular income from your account through the course of retirement. This allows you to control exactly how much you’re taking from your retirement fund at any time.

3. Rollover the TSP to an IRA. Some people are more comfortable with choosing another company to deal with their retirement fund.

4. Leave the money in the TSP account. If you’re comfortable with a certain routine, there’s no need to mess with it.

How do you know which of these options is best for you? Everyone’s financial situation is different. Look at the objectives you want to accomplish after retirement; such as buying a second property. You can even choose multiple options. The key is knowing how to continue saving post retirement while still enjoying the money you’ve earned.

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