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!

Personal Investment & Financial Planning Q`s

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John D Smith, CFP


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