I am retiring in six days

[29year]

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.:eek:

[evilanne]

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:D

[RazorCat]

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.

[James48843]

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.:eek:

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/PlanParticipation/BeneficiaryParticipants/rmdbp.html


Good luck and congrats on making it to retirement!

[nasa1974]

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.

[elleni]

Isn't IRA contribution limited to Earned incomes?

[evilanne]

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.If you want to add to your retirement savings, you or your spouse must be employed as only earned income can be used for funding IRA. You have until the tax filing deadline in April to fund an IRA for 2016 if you are under in the income threshold(s).

[Buster]

If you want to add to your retirement savings, you or your spouse must be employed as only earned income can be used for funding IRA. You have until the tax filing deadline in April to fund an IRA for 2016 if you are under in the income threshold(s).
What is the Income Threshold?...Meaning, is there a max you can make that then you cannot deduct for?...In other words, If I put in $5000.00 in to my IRA and the tax man said, I made too much for the year to take any deductions for that $5000.00....What is TOO much?

[evilanne]

What is the Income Threshold?...Meaning, is there a max you can make that then you cannot deduct for?...In other words, If I put in $5000.00 in to my IRA and the tax man said, I made too much for the year to take any deductions for that $5000.00....What is TOO much?
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 (https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions) ($6,500 if you’re age 50 or older), see https://www.irs.gov/pub/irs-pdf/p590a.pd (https://www.irs.gov/pub/irs-pdf/p590a.pdf)f

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

[DrDetroit]

Isn't IRA contribution limited to Earned incomes?

Roth IRA

[Kentucky]

Congratulations on retirement! Here's to wishing you a great and fun retirement, and a LIFE outside of the federal government!

:banana::banana:Congratulations again!!! :banana::banana: