chief04010
Recycles dryer sheets
I have wanted to post here for quite some time but just never felt right about it. But reading some of the other posts gave me the courage to want to put my situation out there and get some other opinions.
I am 55 years old and work for the Federal Government I’m under the FERS retirement system and have been since 1987 when I started. I bought back my 7 years of military time so my Service Computation Date is in 1980. My only investments are TSP and my home, I want to retire at 59½ not for any number reason but because I’ll be that age on the date that I’ve decided on to retire. It works out well because I have both Traditional and Roth savings in TSP and the Roth portion started 5 years prior to that date. What I would like to do is open a Roth IRA prior to retiring and in about 5 months after retirement withdraw the Roth portion and an equal amount of the Traditional portion then roll only the Roth portion into the Roth IRA that I started prior to retirement. The other traditional money I’ll use to pay off my mortgage and have some left over for other uses.
My question is does anyone have any knowledge of rules or regulations that would make this plan undoable?
I am 55 years old and work for the Federal Government I’m under the FERS retirement system and have been since 1987 when I started. I bought back my 7 years of military time so my Service Computation Date is in 1980. My only investments are TSP and my home, I want to retire at 59½ not for any number reason but because I’ll be that age on the date that I’ve decided on to retire. It works out well because I have both Traditional and Roth savings in TSP and the Roth portion started 5 years prior to that date. What I would like to do is open a Roth IRA prior to retiring and in about 5 months after retirement withdraw the Roth portion and an equal amount of the Traditional portion then roll only the Roth portion into the Roth IRA that I started prior to retirement. The other traditional money I’ll use to pay off my mortgage and have some left over for other uses.
My question is does anyone have any knowledge of rules or regulations that would make this plan undoable?