Retirement Savings Limit Increase Likely for 2022
It won’t be long before the Internal Revenue Service announces the new numbers that will apply to retirement savings in …More
TSP
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Lesser Known TSP Misconceptions
A little while ago, I wrote an article about commonly held misconceptions about the Thrift Savings Plan. That article addressed …More
Rollovers: Moving Your Money Out of the TSP
Although the correct terminology for moving money from the TSP to an IRA or another tax advantaged account is “rollover”, …More
TSP and Retirement Considerations for Single Earner Households
Though it is not nearly as common as it was decades ago, some families have only one wage-earner. A one …More
Forms and Resources on TSP.gov to Know About
Like any government or financial organization, the Thrift Savings Plan has a myriad of forms and publications. You can find …More
TSP: Common Misconceptions
What do you think you know about the Thrift Savings Plan? Do you think you are an expert? Well, there …More
Rollover Into the TSP from an IRA
As TSP participants, we are allowed to roll money over into the TSP from qualified plans and qualifying IRAs both …More
Federal Benefits and Retirement Dates
Many articles have been written about choosing the “best” day to retire when it comes to federal pensions, both CSRS …More
A Roth TSP Can Be Your Emergency Fund Backup
What are you going to do in retirement if you spend down your emergency fund? Three to six months’ worth …More
TSP: Don’t Burn Through it, but Don’t be Afraid to Spend It
On June 3rd, FEDweek’s Retirement and Financial Planning Report led off with an article that had the headline: Three-Fourths Expect …More
Annuity, Social Security, TSP: How Your Retirement Income is Taxed
By now, most of us have filed our federal and state income tax returns. Even those of us who filed …More
New Guidance Clarifies RMDs for Inherited IRAs
In a recent article, we looked at the fact that the newest issuance of IRS Publication 590-B runs counter to …More
IRA Rothification Offers Path to Tax-Free Withdrawals
What is “Rothification” and what does it mean to those of us who are saving for retirement? The root word …More
FERS and Social Security Take Some Stress Out of Planning to Spend Your TSP, IRAs
There’s one magic date where, if you know it, your financial and retirement planning tasks will be a snap. That …More
IRA Income Limits
One advantage that the Thrift Savings Plan (TSP) has over Individual Retirement Arrangements (IRAs) is that there are no income …More
Vigilance Pays as Retirement Savings Rules Evolve
The quote, “eternal vigilance is the price of liberty” is sometimes misattributed to Thomas Jefferson – but whoever first uttered …More
IRS Should Clarify if RMDs are Required for “Other Beneficiaries” of Inherited IRAs
On March 25, 2021, in the newly revised Publication 590B, Distributions from Individual Retirement Arrangements, guidance given by the IRS …More
Bang for Your Buck: Get Smart About Finances
Oops, we missed it. April was Financial Awareness month. The good news is that financial awareness is something that we …More
How the TSP Has Changed Over the Years
There have been many changes to the Thrift Savings Plan over its 34 year history, and there will be more …More
Inheritance and TSP Beneficiaries
If a Thrift Savings Plan account holder dies, his/her account will be inherited by his/her beneficiary. Participants can designate a …More
Undoing a Roth Contribution; Recharacterization
Undoing either a contribution to a Roth IRA or a conversion from a traditional IRA to a Roth IRA is …More
TSP Account Balances Coming of Age
The number of “millionaires” in the Thrift Savings Plan is rapidly expanding, but that should not come as a surprise. …More
Safeguard Your TSP in Retirement by Planning Ahead on Healthcare
Unexpected healthcare costs could wind up being the biggest draw on your TSP account retirement. The right health care decisions …More
Set Up an IRA for a Child or Grandchild for a Head Start
Can children have Individual Retirement Arrangements (IRAs)? Yes, as there is no minimum age for having an IRA. Due to …More
Does a Roth IRA, or Roth Conversion Make Sense for You?
Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth …More
RMDs When You Have More Than One Retirement Account
The word “aggregate” can be a noun, a verb, or an adjective. In this article, we’re looking at it as …More
Do You Really Need to Save 10X Salary for Retirement? Not if You Have a Pension
Have you ever read an article in the financial media in which you were told that you need to save …More
Inherited and Roth IRAs: What’s in a Year?
When is a year not a year? When it is defined by the tax code, that’s when! Be careful when …More
2020 Brought Retirement Saving Changes, Some Permanent
In 2020 we had many tax related changes introduced by the coronavirus aid, relief, and economic security (CARES) act. The …More
Funding an IRA with a Tax Refund
Some of us may have already filed our federal income tax returns and many of us are expecting refunds. In …More
