Skip to main content

Ep. 5 of #FedRetirementWeekly: Determining the Appropriate Time to Withdraw from my TSP


One of the most popular questions regarding the TSP is, when can I withdraw it? Today, I go over when, how, and things to look out for when withdrawing from the TSP. -- ► Subscribe to My Channel Here: -- Cooper Mitchell helps federal employees better understand their benefits and helps them retire on their terms. Using financial planning and investment management through Cooper is able to tackle the issues that are unique to federal employees. Cooper is also a public speaker who is available for various federal conferences and events. Find Cooper here: Website: Work with Cooper: Facebook: Email: cooper@fedretirementplanning.com -- As always, enjoy, and please subscribe! -- © Copyright Fed Retirement Planning 2016, All Rights Reserved...(read more)


LEARN MORE ABOUT: Thrift Savings Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
The Thrift Savings Plan (TSP) is a crucial component of the retirement savings plan for federal employees. But when can you withdraw your TSP? Withdrawal from TSP is allowed when one of the following occurs: 1. You reach the age of 59½ 2. You separate from Federal service 3. You become disabled Once you have met any of the above conditions, you can start taking withdrawals from your TSP account. You can choose to take partial withdrawals or a full withdrawal of your entire balance. You can also opt for periodic payments such as monthly or quarterly payments that you receive for a specific number of years. However, there are certain restrictions and tax consequences that you need to keep in mind when withdrawing from your TSP account. If you withdraw any amount from your TSP before age 59½, you will be subject to a 10% penalty tax in addition to any applicable federal and state income taxes. This penalty will be waived if you separate from Federal service at age 55 or older. If you take periodic payments or opt for an annuity, you will only be taxed on the amount you receive each year. But if you take a lump-sum withdrawal of your entire balance, the entire amount will be subject to income taxes. It is also important to remember that once you have made a withdrawal from your TSP account, you cannot make any further contributions to it and you may be limited on how much you can contribute to other retirement plans such as an individual retirement account (IRA). In conclusion, it is crucial to carefully consider the tax consequences and limitations before withdrawing from your TSP account. It is recommended that you consult with a financial planner or tax professional to make an informed decision about your retirement savings plan. https://inflationprotection.org/ep-5-of-fedretirementweekly-determining-the-appropriate-time-to-withdraw-from-my-tsp/?feed_id=99821&_unique_id=646a568026fb6 #Inflation #Retirement #GoldIRA #Wealth #Investing #coopermitchell #csrsretirement #fedretirementplanning #federalfinancialplanner #federalretirementhelp #federalretirementplanning #fegli #fehbhelp #fersretirement #militaryfinancialplanner #thriftsavingsplan #thriftsavingsplanhelp #tsphelp #tspstrategy #tsptips #tspwithdrawals #uspsretirement #uspsretirementhelp #withdrawingfromtsp #ThriftSavingsPlan #coopermitchell #csrsretirement #fedretirementplanning #federalfinancialplanner #federalretirementhelp #federalretirementplanning #fegli #fehbhelp #fersretirement #militaryfinancialplanner #thriftsavingsplan #thriftsavingsplanhelp #tsphelp #tspstrategy #tsptips #tspwithdrawals #uspsretirement #uspsretirementhelp #withdrawingfromtsp

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

American Hartford Gold Review – Best Gold IRA? Pros and Cons

In this American Hartford Gold Group review, I go over what makes this Gold IRA company unique, the pros and cons, their fees, and much more. Get Their Free Guide Here: 00:00 Intro 00:25 Is Gold a Good Investment? 01:02 Why Choose American Hartford Gold? 01:48 Is American Hartford Gold a Legitimate Company? 02:35 How Does American Hartford Gold Work? 03:30 American Hartford Gold’s Price Match Guarantee 03:57 American Hartford Gold’s Minimum Investment 04:28 American Hartford Gold’s Buyback Guarantee 04:56 American Hartford Gold Storage and Security 05:54 American Hartford Gold Free Silver Promotions 06:11 No Overseas Storage Options 06:22 American Hartford Gold Group Price List Not Available Online 06:38 American Hartford Gold Group Review Summary 👉 FREE Resources: ➜ Gold IRA Company Reviews: American Hartford Gold Group continues to be a well-respected market leader in the gold IRA and precious metals investment industry. The company’s proven track record ...
Post a Comment
Read more

How to Change Password for Fidelity Investments App

How to Change Password for Fidelity Investments App In this video, I'll show you How to Change Password for Fidelity Investments App. This is the easiest and fastest way to Change Password for Fidelity Investments App. Make sure you watch until the end of this video to find out How to Change Password for Fidelity Investments App on Android and iPhone. These methods work on Android as well as iOS 11, iOS 12, iOS 13, iOS 15 and iOS 16. Hope you enjoy! Video Parts: 00:00 Intro: How to Change Password for Fidelity Investments App 00:07 Changing Password on Fidelity Investments App 00:38 Outro: Ending Thanks for watching! ❤ Bytes Media © 2022 Topics Covered: Bytes Media how to how to fix How to Change Password for Fidelity Investments App how to change password for fidelity investments fidelity password fidelity login how to change fidelity wifi password i forgot my fidelity online banking username and password fidelity password requirements fidelity customer service fi...
Post a Comment
Read more