Before taking money out of your Thrift Savings Plan (TSP) in retirement, it's important to know your options so you can choose what works best for you.
The SECURE Act 2.0 and TSP Required Minimum Distributions (RMDs)
You don't have to take…
For federal workers, a strategic retirement plan has one primary objective: ensuring financial security in your golden years. To achieve this goal, the process involves analyzing the four fundamental elements of retirement: income, healthcare, taxes and estate planning.
1. Income Planning
Income…
Contributions to your Thrift Savings Plan (TSP) or other tax-advantaged retirement accounts are made with pre-tax dollars, meaning they haven’t been taxed by the federal government. Eventually, the IRS requires you to withdraw funds from these accounts to collect its share. These…
The federal workforce continues to experience mass upheaval as the current administration carries out its plan to reduce costs and increase efficiency. As lawsuits challenging mass layoffs filter through the courts and proposals to reduce federal benefits advance, federal employees face an…
Deciding how to withdraw funds from your Thrift Savings Plan (TSP) is a critical step in retirement planning that can shape your financial future. For those with both traditional and Roth TSP accounts, the order of withdrawals influences not only how long…
Proposed changes to federal benefits, such as the elimination of the retiree annuity supplement and the transition to a “high-5” annuity calculation, could sway many federal employees to seek retirement. Fortunately, according to a recent memo from OPM, retirement processing has been…
Government agencies looking to downsize or restructure their workforce may offer eligible employees early retirement under Voluntary Early Retirement Authority (VERA).
Effects on Your FERS Annuity
The FERS annuity begins on the first day of the month following retirement. Your FERS Basic…