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What Should I Do With My TSP When I Retire?

  Рет қаралды 13,736

District Capital

District Capital

Күн бұрын

Пікірлер: 29
@DistrictCapital
@DistrictCapital Жыл бұрын
Skip Ahead Here! 0:00 - What should I do with my TSP when I retire? 0:33 - Option 1 1:52 - Option 2 3:00 - Option 3 3:59 - Option 4 4:50 - Option 5 6:08 - The final verdict
@markmiller3210
@markmiller3210 9 ай бұрын
Please keep in mind 9 states that normally have income taxes (e.g. NY, Pennsylvania) DO NOT tax the traditional TSP as they consider part of your civil servants pension. If you move the TSP money into an IRA at say Vanguard, Fidelity, etc... you will lose this special tax break and will now have to pay state taxes on the money when withdrawn. This is something you should be aware of before you transfer any monies out of the TSP.
@DistrictCapital
@DistrictCapital 9 ай бұрын
Great advice Mark. Thank you for sharing! We didn't cover this in the video but it's something we chat to our clients about. Have a great day!
@loistorres2594
@loistorres2594 8 ай бұрын
Ty
@paulo5861
@paulo5861 Жыл бұрын
I plan on doing the same thing as your husband. In fact I transferred all of my prior retirement accounts before working for the federal government into the TSP to consolidate as well as take advantage of the low management fees. "The retirement gamble" by Frontline give a great explanation of how fees can destroy gains. I lost my defined benefit pension from a catholic hospital due to lawyers management of getting the hospital out of that benefit to it's employees. I also do not like annuities. They are complex contracts that benefit the insurance companies that offer them. (Insurance companies play on fear and greed to sell that product). I plan to start taking RMD's when I reach that age and when I die my wife or our children will get what ever is left over. Thank you for making that video. I felt it was an honest presentation.
@DannyWalker247
@DannyWalker247 5 ай бұрын
TSP retirement tip #1. Don't talk to any financial advisor about transferring your TSP.
@axetrops
@axetrops 10 ай бұрын
I had mine in G fund and that was a big mistake. Then I tried C and S fund and that was increasing my account really nice, but I only put a small percentage to try. Right now, i wish i had put 80% on C fund. I just diversified my account to C, S, I. Im scared cuz no fund in going in since im no longer with Federal. Hopefully my C, S, I mix will pay off.
@DistrictCapital
@DistrictCapital 9 ай бұрын
I hope you get some positive returns from it too! Thanks for sharing!
@BrokeAgain
@BrokeAgain 7 ай бұрын
G fund is a joke...
@DannyWalker247
@DannyWalker247 5 ай бұрын
@@BrokeAgain When you get older you just need monthly income and the G fund might be fine then.
@Yette
@Yette 8 ай бұрын
TSP expense ratios used to be the best in the industry 20 years today. Today the TSP fund costs are terrible when compared to equivalent index funds at Fidelity or Vanguard. To stay in TSP due to its "low costs" is to not understand how to compare fees. Its not a good reason to remain in TSP, though there are other reasons
@alrocky
@alrocky 7 ай бұрын
C Fund = 0.048 vs 0.030 = VOO S Fund = 0.079 vs 0.060 = VXF F Fund = 0.049 vs 0.030 = BND 2 basis points
@BrokeAgain
@BrokeAgain 7 ай бұрын
It is also harder to take the funds off from TSP. Too much paperwork.
@a_son_of_light
@a_son_of_light Ай бұрын
The banks say "Let's play a little game. It's called "I win>"
@kenm8162
@kenm8162 Ай бұрын
Military retiree, The TSP inheritance rules are so bad for grandchildren by doing a IRA rollover then backdoor Roth my granddaughters probably will not even realize the gift I did for them. No lump sum tax burden for them now.
@DistrictCapital
@DistrictCapital Жыл бұрын
What are you going to do with your TSP when you retire?
@benjaminjohnson1693
@benjaminjohnson1693 9 ай бұрын
I plan on leaving 25% of the total tax deferred amount in the G Fund and transferring the rest to my IRAs (Roth TSP to Roth IRA, and tax deferred TSP to traditional IRA). Vanguard has lower expense ratios for my stock allocations, but the G Fund is a great cash option and is available only to TSP participants.
@ominous148
@ominous148 5 ай бұрын
Can i transfer my 457b over to tsp and still be eligible for early retirement?
@Kep19901
@Kep19901 Жыл бұрын
What is your husband's age and what allocation does he have? 😊
@DistrictCapital
@DistrictCapital Жыл бұрын
Thanks for your question. My husband is 38 and his current allocation is 80% common stock domestic and 20% international.
@Kep19901
@Kep19901 Жыл бұрын
@District Capital thanks for the response. I'm 70%S/30%C. 32 years old.
@DistrictCapital
@DistrictCapital Жыл бұрын
@@Kep19901 awesome! Keep saving and investing as much as you can. It will make such a difference during your retirement.
@BrokeAgain
@BrokeAgain 7 ай бұрын
So if TSP fund is moved to IRA pre tax... then someday widraw the amount from IRA... tax free everything?
@alrocky
@alrocky 7 ай бұрын
No. Withdrawal from traditional IRA is taxable.
@Lourd-Bab
@Lourd-Bab 7 ай бұрын
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@johnbelt5204
@johnbelt5204 10 ай бұрын
I'm a US military Vet. We were not eligible for the TSP. The TSP is just for civilian US government workers.
@alrocky
@alrocky 10 ай бұрын
Current US military are eligible for TSP.
@johnbelt5204
@johnbelt5204 10 ай бұрын
Wow, you're correct. Things have changed since I got out 30 years ago. Does the military still get a pension?
@alrocky
@alrocky 10 ай бұрын
@@johnbelt5204 Yes but it's not as generous as yours. New military retirement is called BRS Blended Retirement System which provides TSP match after 2 years of service. Pension multiplier dropped from 2.5 to 2.0 so IICR instead of 50% pension, BRS gets 40%. BRS with 5% TSP match benefits ~85% of service members who don't reach 20 years.
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