Saving for Retirement

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When You Roll Over an IRA or Annuity Do You Pay Taxes?

An individual retirement account and an annuity are both used in retirement planning, but they are different instruments. An IRA is a sort of savings account, usually established with a bank or other financial institution. An annuity is a contract with a life insurance company ...

How Does Civil Service Retirement Affect Social Security Benefits?

Social security is a pay-as-you-go system that requires contributions during your working years in order to collect benefits at retirement. Although federal civil service employees pay into a retirement system, the “system” is not always covered under Social Security ...

Are Green Card Holders Living Abroad Eligible for Social Security Benefits?

Green cards give citizens of other countries the right to work and live in the U.S. These permanent residents like U.S. citizens, have FICA -- Federal Insurance Contributions Act -- payments for Social Security withheld from their paychecks. FICA taxes and wages build ...

What Is 401(a) Retirement Plan?

A 401(a) retirement plan is an employer-sponsored money-purchase plan that allows you to save money for retirement. Similar to other retirement accounts, 401(a) plans offer employees tax advantages. The employer defines how much the company contributes and the requirements you ...

Is There a Cap on Two-Earner Social Security Retirement Benefits?

If you've worked and paid into the Social Security system, then you're entitled to retirement benefits, either at age 62 (for early retirement) or later. The amount of your monthly Social Security benefit depends on your lifetime work record and the amount you've earned over all ...

TSPs vs. Pensions

Taking advantage of your employer's retirement savings plan is a way to begin building your nest egg. Depending on where you work, you may be offered some type of pension plan or be eligible to participate in the Thrift Savings Plan. Pensions and TSPs are designed to help ...

Can I Leave My Money in My Thrift Savings When I Retire?

The thrift savings plan, or TSP, is a retirement program for federal employees, including members of the military services. It is similar to a traditional individual retirement account or an employer's 401(k) plan. A TSP offers investment options with low fees, and contributions ...

How to Transfer Ownership of an Annuity in a Trust

An annuity is one way to save for retirement that offers some tax advantages that differ from commonly used retirement accounts, such as an IRA or an employer-sponsored 401(k). The primary tax benefit of an annuity is that your account earnings are tax deferred -- that is, you ...

How Does TSP Matching Work?

Working for the federal government features a variety of benefits, including having your agency contribute to your thrift savings plan. If you are a federal civilian employee who was hired after January 1, 1984, you are eligible for matching contributions. If you don't take full ...

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