Frixxxx's Account Talk!

[Frixxxx]

Does TSP Calculate mandatory withdrawals (after 70 yo) and disburse funds automatically?

 

[Cactus]

Does TSP Calculate mandatory withdrawals (after 70 yo) and disburse funds automatically?

I thought you had to request a RMD disbursement or they would consider the account abandoned. That's if you are no longer working for the government.

 

[Frixxxx]

Thanx Cactus for the quick response. My wife has become interested in the disposal of my account since her mom is clueless with her retirement efforts.

 

[nasa1974]

Hey Frixxxx it's been awhile since you dusted off your account.

 

[Frixxxx]

Hey Frixxxx it's been awhile since you dusted off your account.

Just watching your wonderful posts, my friend!

 

[PessOptimist]

This might help. https://www.tsp.gov/bulletins/19-6/. Possibly RMD doesn't happen until 72 now and is automatic. Maybe they no longer consider old peoples accounts abandoned? I don't really know but am hoping this is all true as 70[SUP]1/2 [/SUP]is rapidly approaching.

PO

 

[Frixxxx]

Millionaire Alert, and maybe a buying tip?

[h=1]Secrets of TSP millionaires[/h]
By Mike Causey @mcauseyWFED

https://federalnewsnetwork.com/mike-causey-federal-report/2020/10/secrets-of-tsp-millionaires/

 

[Bullitt]

Most have been investing 25 years or more.

I said somewhere else on this MB that I'm impressed by the 40 year olds with $1M, not the late 50 early 60 year olds. It's not that hard if you've contributed over many years. See chart below. Start at $0, invest $1,000 a month for 30 years, 6% return and you're pretty close. And that's investing next to nothing even if you include the match.



So should we assume this stock market guru is in G fund now since he's pinned an exact date on his next buy opportunity? What is he doing, moving from G to C? Re-balancing his allocation that day?

Keep your eye on Dec. 11, which is the date Congress and the White House must must reach and agreement to continue federal operations. I will tell all my clients that it is an excellent opportunity to do the same. It is called buying on the dip. I won’t have to stand in any Black Friday line. It will only take a few clicks on the TSP website.

I hear we all need to watch what happens November 4th.

 

[Frixxxx]

[h=1]Don’t Miss Your Full TSP Match with the New Spillover Provision[/h]https://www.fedsmith.com/2020/12/02/dont-miss-your-full-tsp-match-with-new-spillover-provision/

...
[h=2]TSP Spillover Provision Basics[/h][FONT=&quot]First, let’s get a few things straight. For everyone that is younger than 50, the annual limit for the amount you can put in your TSP in 2020 is $19,500. If you are age 50 or older, you are able to put in an additional $6,500 for a total of $26,000 in 2020. This additional amount for those 50 and above is called catch up contributions.[/FONT]
[FONT=&quot]Starting in January 2021, those eligible for catch-up contributions (age 50 and above) will not have to fill out separate elections for regular TSP contributions and catch-up contributions. All you have to do is fill out one election and once you hit the normal limit ($19,500) then any additional contributions will automatically “spillover” and become catch up contributions.

....[/FONT]

 

[Radarcontact]

Please double check the age for the start of the catch-up contribution. I believe you can start your catch-up contribution the year you turn 50. Not starting at age 50. For those of us with December birthdays, you can start the catch-up in January after your 49th birthday. Otherwise you may lose a year of catch-up contributions. I’ll be 48 in a couple of weeks so this will really affect me next year.
Currently 953k, hopefully a Santa Claus rally will put me over the top. Happy Holidays!!

 

[Frixxxx]

Please double check the age for the start of the catch-up contribution.....

This is from the article, the form you fill out for roll-overs covers this. But thanks for the information.

Congrats on your investing success!

 

[Frixxxx]

Hey all, been a while, but wanted to let you all know, safe and sound here.
1. Been a rough road the last two years personally.
2. I now have an ex wife (after 23 years, I got my paperwork served)
3. Divorce was final the start of 2024
4. 50% of TSP account, because that's the way it works in California
5. Hit two years left of civil service (5 Dec) - but when I retire, ex wife retires too (in the paperwork)
6. Latest count - 5 grandkids, 1 great grandkid
7. Planning a retirement homestead - Looking for land next to mom in KY.
8. Hoping to add one last jump over the next two years to pad the nest egg to support my retirement of having chickens to make eggs.
9. Missed everyone here.
10. Let's go!!!!!!!!

 

[WorkFE]

Hey all, been a while, but wanted to let you all know, safe and sound here.
1. Been a rough road the last two years personally.
2. I now have an ex wife (after 23 years, I got my paperwork served)
3. Divorce was final the start of 2024
4. 50% of TSP account, because that's the way it works in California
5. Hit two years left of civil service (5 Dec) - but when I retire, ex wife retires too (in the paperwork)
6. Latest count - 5 grandkids, 1 great grandkid
7. Planning a retirement homestead - Looking for land next to mom in KY.
8. Hoping to add one last jump over the next two years to pad the nest egg to support my retirement of having chickens to make eggs.
9. Missed everyone here.
10. Let's go!!!!!!!!

Where in KY?

 

[Frixxxx]

Where in KY?

Outside Lexington, mom's in Paris.

 

[WorkFE]

Outside Lexington, mom's in Paris.

I work on Fort Knox, not near us but I've been out that way a few times. The State Emergency Ops Center is out that way but on the west side of Lexington. Good luck with the property search.

 

[tsptalk]

10. Let's go!!!!!!!!

Hey, Frixxxx!

Glad to see you, but sorry to hear about your tough road.

Lots of changes here too, but less dramatic.

 

[nasa1974]

10. Let's go!!!!!!!!

Sorry to hear things got tough.
Not sure if you heard but Norm officially retired from tsptalk.
Hang in there and enjoy the grand and great grand kids.

 

[Whipsaw]

Welcome back!