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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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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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RMDs Revisited – Clarification

Posted on Friday, 17th December 2021 by Dennis Damp

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My previous article, “Required Minimum Distributions (RMDS) – Are Your Ready,” received considerable interest. I stated, “Many are confused by the Required Minimum Distribution (RDM) requirement for ROTH accounts and how this works. According to the Thrift Savings Plan (TSP), the entire account balance, Traditional and ROTH, on December 31st of each year is used […]

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Required Minimum Distributions (RMDs) – Are You Ready?

Posted on Friday, 10th December 2021 by Dennis Damp

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The Internal Revenue Code (IRC) requires that you begin receiving distributions from your account in the calendar year you become age 72 and are separated from federal service. Your entire TSP account—both traditional and Roth—is subject to these required minimum distributions (RMDs). The TSP calculates RMDs using your age, your prior year-end account balance, and […]

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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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