Good afternoon, Morning Briefing Team. Clearly I can purchase an annuity from any outside insurance company selling annuities-including MetLife or any other private insurance company. But are there any advantages you can think of to the purchase of one directly from your TSP through the federal government (through the TSP Board). Thanks for sharing your clear and concise thoughts on this important topic!
The TSP Annuity doesn't offer clear advantages over other products in terms of features and benefits. However, some federal retirees choose the TSP Annuity because they're familiar and comfortable with the TSP, even though the annuity funds are technically separate from the TSP itself. The trust and familiarity with the TSP is an advantage that drives retirees to select the TSP Annuity.
The monthly payment amount will depend on your starting age, account balance, and any other features you choose to add. Every anniversary date, which is the date you start the annuity, your payment will go up by 2%. Let's say the payment starts at $1,300 per month. On the one-year anniversary, the payment will increase to $1,326, and on the two-year anniversary, it will rise to $1,352 per month. See what your payments would be using this TSP calculator: www.tsp.gov/calculators/tsp-annuity-calculator/#panel-1
Great Job! This is an excellent video that provides valuable information. I don’t plan to buy an annuity because of the extreme high fees and restrictions.
Can you do a video on Monthly payments not from annuity, but just retrieving a monthly payments from TSP. I'm looking at taking a monthly amount from TSP till it runs out. No contract deals. Is this possible or do I have to take large chunks per year. No one is talking on this Just MetLife's way .
Yes, good suggestion! I'll do a video in the near future on the TSP installment plan, which allows you take monthly payments from the TSP without converting it to an annuity.
The link for the TSP annuity calculator is in the show description. You can also click here to access it: www.tsp.gov/calculators/tsp-annuity-calculator/#panel-1
I was told in a retirement seminar that you could call MetLife say I have X number of dollars and get a better rate than what you would get from the tsp contract with MetLife.
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Good afternoon, Morning Briefing Team. Clearly I can purchase an annuity from any outside insurance company selling annuities-including MetLife or any other private insurance company. But are there any advantages you can think of to the purchase of one directly from your TSP through the federal government (through the TSP Board). Thanks for sharing your clear and concise thoughts on this important topic!
The TSP Annuity doesn't offer clear advantages over other products in terms of features and benefits. However, some federal retirees choose the TSP Annuity because they're familiar and comfortable with the TSP, even though the annuity funds are technically separate from the TSP itself. The trust and familiarity with the TSP is an advantage that drives retirees to select the TSP Annuity.
Can you give an example of the increasing annuity. For example, how low do the payments start out?
The monthly payment amount will depend on your starting age, account balance, and any other features you choose to add. Every anniversary date, which is the date you start the annuity, your payment will go up by 2%. Let's say the payment starts at $1,300 per month. On the one-year anniversary, the payment will increase to $1,326, and on the two-year anniversary, it will rise to $1,352 per month. See what your payments would be using this TSP calculator: www.tsp.gov/calculators/tsp-annuity-calculator/#panel-1
Great Job! This is an excellent video that provides valuable information. I don’t plan to buy an annuity because of the extreme high fees and restrictions.
Thank You! Glad it was helpful!
Do you offer TSP counseling?
Yes, I do!
Outstanding information thank you so very much for your professionalism
Can you do a video on Monthly payments not from annuity, but just retrieving a monthly payments from TSP. I'm looking at taking a monthly amount from TSP till it runs out. No contract deals. Is this possible or do I have to take large chunks per year. No one is talking on this Just MetLife's way .
Yes, good suggestion! I'll do a video in the near future on the TSP installment plan, which allows you take monthly payments from the TSP without converting it to an annuity.
There is no annuity calculator on the TSP website. Not sure this guy knows what he's talking about.
The link for the TSP annuity calculator is in the show description. You can also click here to access it: www.tsp.gov/calculators/tsp-annuity-calculator/#panel-1
thats because its with metlife. not tsp. He knows what he is talking about.
I was told in a retirement seminar that you could call MetLife say I have X number of dollars and get a better rate than what you would get from the tsp contract with MetLife.
Thanks for sharing!