Purchase of two annuities


Q. Will TSP allow me to purchase one annuity from MetLife and a second annuity from a different provider?  The state I live in only insures annuities up to $250,000 and I’d like the remainder of my TSP balance to be insured by purchasing a second annuity from a different provider.  Are there any strategies I could employ to accomplish my goal of insuring the entire TSP balance that I’d like to use to purchase these annuities? 

A. You may use part of your balance to purchase a MetLife annuity and then roll the rest into an IRA and use it to buy an annuity from any company or companies you choose.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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