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Thrift Savings Plan (TSP) Changes – Secure Act 2.0 + Updates

Posted on Friday, 17th February 2023 by Dennis Damp

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Forward this to others that may find this information helpful. They can sign-up to receive my free Retirement Planning Newsletter. On December 29, 2022, the Retirement Enhancement (SECURE) 2.0 Act of 2022 was signed into law. This second installation of the 2019 SECURE Act introduces several changes affecting the Thrift Savings Plan. This legislation will directly […]

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Preparing for the New Year – 2024 Updates

Posted on Thursday, 5th January 2023 by Dennis Damp

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It’s the beginning of a new year and a good time for those planning their retirement to assess where they are financially, long before filing their retirement paperwork. Federal employees received a significant pay increase this year, 5.2% on average after factoring in locality pay. The 2024 pay charts are available for your review. COLA […]

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RMDs, Annuity Statements and 1099Rs Are on Their Way

Posted on Friday, 16th December 2022 by Dennis Damp

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Yes Virginia, there is a Santa Clause. This time of year, the Thrift Savings Plan (TSP) sends out participant’s Required Minimum Distributions (RMDs), and in early January our annuity statements will arrive reflecting an 8.7% for CSRS and 7.7% FERS COLA increase. RMDs The first year you are 72 or older and separated from service […]

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Required Minimum Distributions (RMDs) – Are You Ready?

Posted on Friday, 10th December 2021 by Dennis Damp

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(Updated 1-12-2024) The Internal Revenue Code (IRC) requires that you begin receiving distributions from your account in the calendar year you become age 73 and are separated from federal service. Your  traditional account is subject to these required minimum distributions (RMDs). The TSP calculates RMDs using your age, your prior year-end account balance, and the […]

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Managing Your Required Minimum Distributions (RMDs)

Posted on Saturday, 18th May 2019 by Dennis Damp

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Those approaching age 70 ½ and older are often perplexed about their Thrift Savings Plan RMD withdrawal options and how to efficiently manage the transaction’s proceeds. Some of the concerns are your TSP balance decreases with each withdrawal, annual income and taxes increase, and the earned income potential vanishes for the cash you now have […]

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