I retired on my Birthday at my minimal retirement age of 56 with 32 years & 4 months of service. The Federal Govt. & NYS have been taking 20% & @ 10% in taxes from my TSP withdrawals every tax year. Now that I'm 59 & a half, does anything change taxwise ?

I thought New York also does not tax any type of government pension, including Federal Government workers pensions. Is that true?

Your channel is amazing. Thank you for all your hard work!!!!!!!!!!!!!!!!!!

Again, no one like You Sir. You are the best advisor/presenter.

It’s amazing how different leave use policy can be. I had to use more than three days of sick leave twice during my career. The first time, my office wanted me back in the office shortly after surgery/hospitalization. I was working with a surgical drain still connected. Then later, towards the end of my career, I had a medical issue that required me to use a couple hundred hours of sick leave. There was a ton of impatience shown. They wanted me there working, even as I was in physical therapy (relearning how to walk) and covid was raging. Yet I hear of other offices where people can take unlimited sick leave, no questions asked. 🤷‍♂️

I’ve got years before RMDs kick in, but I’m preparing now. Does the TSP automatically send the correct RMD amount, or is that something I have to set up?

Long story short, good info.

Will your surviving spouse have to withdraw their survivor benefit over 10 years are can they wait until their rmds take effect and start withdrawing from the t.s.p.. Thanks so much for your KZbin videos.

And long story short, you really simplify complex topics, and I love your videos and watch them all, so ill retire with more annual income than i make now. ❤

Thank you for all of your videos! I love watching them, but long story short; you said that phrase 7 1/2 times during this video. lol.

something I hadn't thought of until now.... In retirement.... let's say you want a monthly withdrawal of $1500 from your TSP... and for simple purposes you are invested 25% C fund 25% S fund 25% I fund 25% G fund ...... how and where does your withdrawal come from? Thanks for this video. It just made me think of this question.

dallen is packing big heat in these vids

Great video. Thanks for sharing!

Just retired on April 29, 2024 on my birthday at 62! I worked long enough to get the extra 10 percent! I got my annual leave payout quick! I got my interim checks quick and will start receiving my regular check in August! I didn't have to wait 6 wks to withdraw from my TSP either. I had to setup my banking account information and wait a wk. TSP doesn't have your banking account info even though you may have your payroll direct deposit. They are two different agencies. I must say after hearing horror stories after retiring from the federal government mines went smoothly without any issues!😊

I am 53 years old and 18 years in civil service. Can I put 5% of of $30,500 into Traditional TSP and 95% into Roth TSP?

Long story short he’s in need of another suit. But seriously, he’s a good guy

when is the tsp going to let us put our matching funds into the roth? come on tsp, get it together.

Dallen, you can only say 'long story short' only two times a video, lol

For those of you who are retired military and academy grads…buy back your academy time! The military didn’t count it toward your retirement but FERS will.

Because government is broken.

Dallen loves to say “long story short”

👍👍good info

With all due respect, to President Biden retired, enjoy your grandkids and family.

Note: for beneficiary participant accounts, the Roth portion is still subject to RMD's.

I was under the impression they would automatically send you your RMD if you don't take it out. Is this the same for CSRS and FERS?

I had no idea on some of these. Love your informative shorts, thanks!😊

Didn’t it allow the match portion to be deposited into Roth? Only the TSP board had to decide to do that and implement it.

Another very informative video. Thank you for taking the time to educate us.

I always thought it was 30 years for a full pension....what about MRA +10 plan? I read or saw something about that recently and never knew it existed. I want out ASAP and my MRA is 57. I will have 25 years at that point ...what's the advise on that? I will be able to bridge the year gap to SS, too.

Does that 10% increase at the age of 62 does it count for special provision?

What's wrong with eating rice and beans? That is my favorite meal.

I turned 60 in the first week of January and retired . The end of the leave year was a few days after that. So I entered that final leave year with 240 hours of carry over and didn’t take any annual leave. I accumulated an additional 200 or so hours that final leave year. Then when I retired, just before the end of the leave year, I had an annual leave pay out of about 420 hours. Sweet!

I'll retire at 62 with 9 years service. For me, it's all about keeping my FEHB into retirement. The value of that can't be overstated.

If FEHB in retirement is picks up what Medicare doesn't...how often will Medicare leave you with $6000/yr of uncovered costs? $6000 being the FEBH premium for say BCBS Basic. Not often...so, how is keeping FEHB worth it? Again, FEHB will pay out little as secondary insurance in most years...

If you are married its good to take out from the traditional tsp. you will be taxed as married. once your spouse dies u or if u die first and your spouse inherit your tsp you or your wife will be taxed as single. higher taxes

Rolled over my TSP and Roth TSP to Fidelity. TSP has cheap fees but they still have fees. Fidelity now has 4 funds similar to C fund, S fund that are 100% free. No TSP funds are free.

18:00 thank you very much. Great info. Could you add veterans benefits to next update on this? Specifically those rated 100%. Thanks.

5:46 It is 20 years of civilian service WITHOUT military back back years. Correct? E.g. some think they can work in govt 16 years, reach age 60 and add those 4 years to make their 20. When in reality the 4 military buy back years only add to the mandatory 20 years worked as civilian employee to calculate a bigger pension at 24 years of total service.

Correct me if I am wrong. If you retire before 59 1/2, you cant touch the Roth in the tsp? example: USPS employee will need to bridge from 57 to 59 1/2 with the traditional or a brokerage account.

Hi, you said that Medicare Part B changes depending on my income... HOW OFTEN DOES IT CHANGE ? YEARLY? MONTHLY? ......AFTER I SUBMIT MY TAXES ON A YEARLY BASIS?????? THANK YOU!

Excellent as usual. Thanks!😊

If its God will, I will not touch my Roth until i need it down the road like my 80s. But hey anything can happen between now and then. 48f.

Eventually the Government will want taxes on those Roth withdrawals, it just can't let the little guy get ahead.

Any idea when TSP is going to allow agency matches in be in Roth account?

Just do Roth and don't look back.

Please I recently gained employment at the VA. I currently have 2 retirement accounts. Will it be wise to transfer them to TSP traditional account or will it be wise to transfer the higher account to Traditional TSP and leave the second as is? Thanks.

Also with ROTH no RMD requirements. I think everone reguardless of tax bracket should do a ROTH, and let the matching be Traditonal. People are too greedy and don't want to pay up front. There is a reason a lot of people convert their holdings to ROTH later on. Another thing ROTH forces you to put more into retirement. 15% ROTH when investing is more then 15% traditional. People barely invest 5% some don't even do the matching, they don't invest 6 or 7% because it helps on taxes. I think 22% tax bracket or lower no brainer do ROTH but it could to higher brackets as well. Just wait till those others pay taxes in the future. The PART B is also important.

Thank you, Dallen.

You can avoid the TSP wait by retiring early in the year say January. Take a taxable distribution from TSP deposited directly into your bank account for the amount you would pull for the whole year. This gives you the bridge funds to wait out the process and TSP withdrawals if you have a financial institution and accounts established for the withdrawal to land only take about 7 to 10 business days. You do have to pay the 20% tax withholding but you will true that up when you file your tax return at the end of the year or you can adjust the withholding from your pension if you believe you are in the less than 20% tax bracket.

What is the definition of "early in your career" what age bracket would you be referring to?