Congrats on the pending Retirement! Yes, you can leave it and decide when to withdraw later. Like all regular IRAs, you are only required to start withdrawing at age 70.5 when required minimum distributions set in. Good Luck
Can I just leave my thrift savings plan alone and not make any changes? Sorry for such a basic question, but I've been a little busy.
Congrats on the pending Retirement! Yes, you can leave it and decide when to withdraw later. Like all regular IRAs, you are only required to start withdrawing at age 70.5 when required minimum distributions set in. Good Luck
Congratulations on your upcoming retirement. Nothing like it.
Yes, you can leave your TSP as-is. Low administrative costs, and you can still move your money around between the various funds. Shop one of the premium services on this site if you're seeking help with your moves, and for some excellent advice on market analysis. Down the road you can rollover part of it into an IRA, or make a one-time partial withdrawal, or a combination of both. You're only taxed on the one-partial withdrawal, or rollover into a Roth IRA. Rollovers to a traditional IRA are not taxed until you begin withdrawing money from your IRA account.
Your choice. Enjoy your retirement.
Yes, you can leave it alone with one exception- when you turn age 70 1/2 you MUST begin taking distributions.
You are ok to not not touch it until then, if that is what you wish.
SEE the rules around Mandatory Required Minimum Distributions (RMD): https://www.tsp.gov/PlanParticipatio...nts/rmdbp.html
Good luck and congrats on making it to retirement!
Also one thing to remember is that you will not be making any more contribution's to your TSP out of your retirement check. If you want to continue to add to your TSP then you will have to transfer your TSP funds to a normal IRA.
May the force be with us.
Isn't IRA contribution limited to Earned incomes?
A wise man speaks when he has something to say...A FOOL speaks when he just has to say something
Traditional IRA range is lower than Roth IRA range. Only the traditional is deductible. It is possible to split between traditional & Roth but you cannot exceed contribution amount: $5,500 ($6,500 if you’re age 50 or older), see https://www.irs.gov/pub/irs-pdf/p590a.pdf
Roth IRA Deduction Phaseout Ranges
Filing Status Phase-out Range
S/HH..............$117,000-$132,000
MFJ/QW... $184,000-$194,000
MFS ..... $0-$10,000
Traditional IRA Deduction Phaseout Ranges
Active Participants covered at work
Filing Status Phase-out Range
S/HH ............. $61,000-$71,000
MFJ/QW... $98,000-$118,000
MFS ...... $0-$10,000
Spouse Not Covered at Work
MFJ ... $184,000-$194,000
Congratulations on retirement! Here's to wishing you a great and fun retirement, and a LIFE outside of the federal government!
Congratulations again!!!
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