How Can Federal Employees Prepare For RMDs? (Required Minimum Distributions)
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- Опубліковано 29 гру 2024
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I am a practicing financial planner, but I'm not your financial planner. Please consult with your own tax, legal and financial advisors for personalized advice.
Even when I hit the RMD Zone, I don't have to "spend" the withdrawal. I can invest in other tools eligible to persons in retirement and continue to create income. I like the charity option too outside the TSP. 🙂
I read that starting in 2026, the TSP will allow you to transfer all or any portion of your money in your traditional TSP, to a Roth TSP. To do that now, it would have to be outside of the TSP, like an IRA Roth. So if you want to stay in the TSP, this is a great new option if you can pay your taxes upfront. You cannot use your TSP to pay the taxes.
After working for the Government for over 21 years two things are for certain, they stick it to you while you're working and also into retirement.
So very true.
🤨You'd be very hard pressed to find better retirement than gov. with the Pension and TSP match.
@@russthompson4296 , NYC pension plan is better.
Feel free to find another job. Had 33 years left with a nice pension, ton of dough in TSP and a fat Social Security check. If this is sticking it to me then so be it.
Then go ROTH
What do you think is the best allocation between C fund and S fund?
At 6:42 you said you can only do QCDs if receiving RMDs. I thought QCDs could start at 70.5 years of age regardless.
Thanks! 😊
If I retire at my MRA, 57, and my RMD isn't till 75. Should I convert my traditional to roth equally over an 18-year period in order to have it all in Roth by the time my RMD's are to begin? 🤷🏻♂️
That could certainly be a good strategy. It would depend on how much you have in your traditional account and how much you want to be taxed during those 18 years. I think it's great that you're planning ahead like this!
If I do ROTH Conversation, can I pay my taxes directly with the money already in my TSP, or do I have to pay it from another outside source?
Just heard the brief news that just came out that you couldn't use the money in the TSP to pay taxes for a ROTH conversion. There will be more details soon.
I believe you'd have to move your TSP to and IRA and then do it from there.
@@RobertJToledo True..like to Fidelity into a Trad IRA. From there you use money from maybe a brokerage acct there or from savings, etc to pay for the taxes for the "conversion" into the ROTH IRA...But now the TSP is soon coming out with being able to do a "conversion" to the ROTH inside the TSP but not paying the taxes from your TSP is what I heard. Details will be coming soon and Dal will give details and a video too.
Can you make a video on what FEHB benefits, retirement benefits, etc. we keep and lose with the major RIF heading our way?
Of course, here is a list of all our videos about FEHB: hawsfederaladvisors.com/fehb-articles/
Wut?
@@celticmco5672 not keeping up on the news? Or is that in response to Dallen’s reply?