Timothy Sumer

FEDLIFE Podcast (Ep. 99): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide - Part I Summary: In celebration of episode 100, we're excited to bring you a brand new conversation that delves into a topic many federal employees overlook — the inheritance of an IRA from someone other than a spouse. Discover the intricacies and rules of non-spousal IRA inheritors while enhancing your understanding of IRA inheritance, its tax implications, and crucial considerations for beneficiaries in this week’s release of the FEDLIFE Podcast with Ed Zurndorfer and Dan Sipe. Ed and Dan discuss: • The evolution of IRA inheritance: Learn the modifications introduced by the Secure Act 1.0 in December 2019 and how these alterations transformed the IRA inheritance landscape • The modified rules surrounding RMDs for non-spousal beneficiaries, including the time frame within which distributions must be made • Year-of-death distribution and its significance for individuals w...

FEDLIFE Podcast (Ep. 100): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide — Part II Summary: In the first part of this two-parter miniseries, Ed Zurndorfer and Dan Sipe covered the intricacies and rules of non-spousal IRA inheritors while exploring all things IRA inheritance, its tax implications, and crucial considerations for beneficiaries. This week, Ed and Dan explore the annual RMD requirements for inherited Roth IRAs. They unravel the complexities of the new RMD rules and detail how these changes impact non-spousal beneficiaries of inherited IRAs. Ed and Dan discuss: • The key differences between RMDs for non-Eligible Designated Beneficiaries (NEDBs) of traditional and Roth IRAs • How Eligible Designated Beneficiaries (EDBs) can leverage the lifetime "stretch" option for inherited Roth IRAs • Consequences of a beneficiary’s failure to take an annual RMD applicable to some beneficiaries subject to the 10-year rule • And more! Resou...

Learn about the lawsuit stemming from last year’s messy transition to a new recordkeeper last year. From log-in issues to not receiving death benefits, the problems that feds faced were numerous and frustrating. Also, more fast facts about your benefits! This week, Dan and Katelyn review social security benefits for federal employees and annuitants. Do you know when you should think about filing for social security. ***DISCLAIMER – THIS IS NOT FINANCIAL ADVICE*** The Fed15 podcast is presented by Serving Those Who Serve, a fiduciary, fee-based financial planning firm based serving federal government employees and retirees all over the country. This podcast is presented for information and entertainment only and is not intended to be taken as financial advice. All listeners should consult their personal advisors before taking any action. The opinions expressed therein are not the opinions of Raymond James or Serving Those Who Serve.... ( read more ) LEARN MORE AB...

FEDLIFE Podcast (Ep. 91) Mastering Retirement Planning: Understanding The SECURE Act 2.0 and the Future of Roth TSP Summary: Planning for retirement can be overwhelming, especially when dealing with legal changes. But fear not. In this riveting episode, Ed Zurndorfer and Dan Sipe delve into the SECURE Act 2.0 and its impact on Roth TSP participants. They explore the elimination of required minimum distributions (RMDs) for Roth IRAs and the unique challenges it poses for those with combined traditional and Roth TSP accounts. Get ready to navigate the benefits of rolling over Roth TSP accounts to Roth IRAs and gain a deep understanding of the reasoning behind the elimination of RMDs for Roth retirement plans. Ed and Dan discuss: • The SECURE Act 2.0 and the elimination of RMDs on Roth retirement plans - • How TSP participants can choose to roll over their Roth TSP account to a Roth IRA tax-free account • Why you should consider enrolling in Medicare Part B and its benefits •...

FedLife Podcast 60. Understanding Reemployed Annuity Compared to Phased Retirement with Ed Zurndorfer Summary: When it comes to retiring, especially as a federal employee, understanding how to manage your retirement can be overwhelming, and the options for your planning can be convoluted and confusing. The goal of Serving Those Who Serve is to make your retirement less stressful and help you get the most out of your money. In this episode, Dan Sipe and Ed Zurndorfer speak about what it means to be a reemployed annuitant, and compare the difference between phased retirement focusing on FERS, CSRS, and CSRS offset. Dan and Ed discuss: Differences between CSRS, CSRS offset and FERS annuitants How working part-time can change your retirement Why a CSRS retiree might want to switch into FERS as part of reemployment Some examples to make more sense of some of the more complicated plans And more Resources: Fedzone: Fedzone Article: Reemployed CSRS Annuitants: Fedzone ...

Taxation of TSP withdrawals with Ed Zurndorfer (Ep. 72) Summary: Did you know that any withdrawal from any Thrift Savings Plan (TSP) account is taxable? Once you decide to withdraw money from your TSP, you should understand the consequences that come with that decision. In this episode, Dan Sipe and Ed Zurndorfer discuss everything you need to know about TSP withdrawals so you can make your money work for you. Dan and Ed discuss: • The two types of TSP accounts and the penalties for withdrawing from each • What is Financial hardship in service withdrawal and why it's important to avoid it • The two methods to withdraw from your TSP without the early withdrawal penalty • The two conditions that must be met when withdrawing from the ROTH TSP • And more Resources: FEDZONE Serving Those Who Serve Webinars FEDZONE Article Connect: Dan.sipe@stwserve.com LinkedIn: Serving Those Who Serve Twitter: Serving Those Who Serve Facebook: Serving Those Who Serve Yo...