Personal Investment & Financial Planning Q`s/TSP to IRA for monthly distributions
Greetings. I am a 60 year old married federal worker with a TSP. We have decided to put on a long needed house addition for about $130k, to make the house liveable for the rest of our lives. To pay for this, I would like to transfer/rollover half the TSP into an IRA from which my monthly morgage payments of $2900 could be paid. Because I have hit the age of 59+, I am able to take out from my TSP without penalty but want to avoid incurring extra taxes as I am still working. I would also like my IRA to be invested and make money, even while I am getting distributions on a monthly basis. Does this make sense to you -- and can I do it? Any suggestions on where to open this IRA? Many thanks.
Hi Deborah. Thanks for getting in touch. Before I answer your question, I see the place of origin is Campania Italy. Is the advice you are seeking pertaining to investment in Italy? If so, then the rules regarding the TSP and IRAs I believe are different than in the United States, which is where I am a professional. Please clarify. Thanks!