Google +LinkedInPinterestYouTubeInstagramTwitterFacebook

Veteran Services: Finance Questions

Finances

You're working, and you've got a family that depends on you - both now and down the road. Where do you invest your money? Do you borrow against the equity in your house? Through a preferred provider relationship with USAA, The American Legion can provide expert financial advice to just about any question.

Questions & Answers

« Back to Finance Questions & Answers

Financial Questions & Answers

Question:

I am a member of The American Legion but not presently a member of the government or military. Can I join the Thrift Savings Plan (TSP) in April 2012? -Richard

Answer:

Since the TSP is an employer plan, you won’t be able to participate in the Roth TSP at whatever point it becomes available. However, you still may be able to get in on a little Roth. If you have earned income and are eligible, you could contribute to a Roth IRA. You may also be able to convert old employer plan or traditional IRA into a Roth IRA. A conversion would be a taxable event, so it’s something you would do after reviewing the tax impact, now and in the future, with your tax advisor. We’re sorry you can’t jump on the Roth TSP bandwagon, but there still may be some Roth out there for you.