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Thread: 2023 TSP participant insights

  1. #1

    Default 2023 TSP participant insights

    2023 TSP participant insights

    2023 TSP participant insights
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.


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  3. #2

    Join Date
    Jul 2016
    Location
    Texas
    Posts
    2,274

    Default Re: 2023 TSP participant insights

    I wonder how they come with their stats...
    Ava has never been much help IMO...I think the most helpful advice was to actually call them.

    Their calculators are horrible, I stopped Life Expectancy (I have to wait 30 day before starting fixed payments since I did a partial rollover) But they have a link for modeling payments. The fixed dollar option gives


    First Installment Date Feb 15, 2024
    Estimated Duration 10 years or more
    The Life Expectancy option will calculate your payment based on monthly, quarterly or annual payments and give you a duration in years & months based on your current balance but I can't tell if they are included any estimated RoR or if they are factoring in RMDs. After playing with my balance and the actual LE factors, my account balance shouldn't fall below $1000 until I'm 114 assuming no earnings--way more than 27 years, 1 month. So I took my balance, divided by the 1st month estimated payment to get a number of months and then divided by 12 to get 27.1 years. Not exactly what I would consider "modeling" anything but that is where they are coming up with their estimates and there is no consideration for RMDs or RoR that should be included in any real modeling. They really have dumbed it down from what we had before.

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  5. #3

    Join Date
    Jul 2016
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    Texas
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    Default Re: 2023 TSP participant insights

    I guess I have to give them credit on mailing out the check, I submitted my rollover request last weekend and it actually arrived today!

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  7. #4

    Default Re: 2023 TSP participant insights

    What is your experience with the RMD process for those who have reached the required RMD distribution age? i.e. Are the checks for the RMD amounts being sent out as promised? Are credits being given for withdrawals already taken out? Including monthly withdrawals?

    I will be reaching the RMD required age this year and would like to know what to expect?
    Thanks Fellow TSP'rs!

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  9. #5

    Join Date
    Jul 2016
    Location
    Texas
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    2,274

    Default Re: 2023 TSP participant insights

    Scout, I'm not there yet but my understanding is that if you take out the RMD or more during the year, you are good and they won't send you anything. If your distributions are less than the RMD, they will automatically send you the remaining amount at the end of the year.

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  11. #6

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,148

    Default Re: 2023 TSP participant insights

    I turn 73 next year. I'm going to transfer everything from TSP to my Edward Jones account so I don't have to deal with 2 accounts and TSP in particular.
    May the force be with us.

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  13. #7

    Join Date
    Oct 2018
    Location
    New Jersey
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    Default Re: 2023 TSP participant insights

    Quote Originally Posted by nasa1974 View Post
    I turn 73 next year. I'm going to transfer everything from TSP to my Edward Jones account so I don't have to deal with 2 accounts and TSP in particular.
    Smart move! A brokerage account offers many more investment options than the limited TSP index funds - individual stocks and sector funds can be much more rewarding.

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  15. #8

    Default Re: 2023 TSP participant insights

    Quote Originally Posted by nasa1974 View Post
    I turn 73 next year. I'm going to transfer everything from TSP to my Edward Jones account so I don't have to deal with 2 accounts and TSP in particular.
    Sounds good from the investment side . Assuming you are thinking of a rollover to an IRA with your brokerage? Otherwise you would get a hard hit on the tax side if you receive it all in one year? Wouldn't you still have to take the RMD each year? Just have been mulling over these same questions.

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  17. #9

    Join Date
    Apr 2008
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    Cleveland, Ohio
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    12,148

    Default Re: 2023 TSP participant insights

    Quote Originally Posted by Scout333 View Post
    Sounds good from the investment side . Assuming you are thinking of a rollover to an IRA with your brokerage? Otherwise you would get a hard hit on the tax side if you receive it all in one year? Wouldn't you still have to take the RMD each year? Just have been mulling over these same questions.
    My TSP would rollover to a similar IRA account. No tax hit. Yes, in 2025 I will have to take the RMD (unless they change the age again), but I will only have to take it from Edward Jones not both. It will be much easier working with my agent down the street than some AI TSP has tossed out there.
    May the force be with us.


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  19. #10

    Join Date
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    Texas
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    Default Re: 2023 TSP participant insights

    Quote Originally Posted by nasa1974 View Post
    My TSP would rollover to a similar IRA account. No tax hit. Yes, in 2025 I will have to take the RMD (unless they change the age again), but I will only have to take it from Edward Jones not both. It will be much easier working with my agent down the street than some AI TSP has tossed out there.
    They are increasing the age but not until 2033. It sounded like you wanted to roll over everything to EJ in another post but If you leave anything in TSP, I think TSP will automatically send RMD at end of year

    I did get my Roll Over Check last Saturday, so it took less than week!

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  21. #11

    Default Re: 2023 TSP participant insights

    EA, do they withhold taxes if you get a check or do you still have the option to roll over to another IRA to avoid the withholding?

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  23. #12

    Join Date
    Apr 2008
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    Cleveland, Ohio
    Posts
    12,148

    Default Re: 2023 TSP participant insights

    Quote Originally Posted by evilanne View Post
    They are increasing the age but not until 2033. It sounded like you wanted to roll over everything to EJ in another post but If you leave anything in TSP, I think TSP will automatically send RMD at end of year

    I did get my Roll Over Check last Saturday, so it took less than week!
    My understanding is the new RMD age is 73. I'm 72 this year so will move all of my TSP to Edward Jones this year. I was going to do it last year when I thought the age was 72. I don't want to deal with two accounts, and it is easier to talk to my financial advisor who is 10 minutes from my house vs. someone from TSP over the phone. Thanks for the post EA.
    May the force be with us.

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