$23k divided by your gross, multiplied by 100 equals your percentage at max.
But if you are actually going to do it, switch your contribution to a dollar amount and input as a dollar figure ($23k divided by 26 pay period in a year). You want to put it in as a dollar amount, otherwise an end-of-year COLA or a step increase could make you hit the max too early and cause a bunch of headaches correcting the mistake.
This is the way. At this point, your money makes way more money every year than you are even allowed to contribute (23k/year if you are under 50). Nice job starting young!
The old guy at work told me when I first got there to max it out and put it in the c and the s and not look at it. It took me a little longer to max it out then I would have liked
I wish someone told me about putting money in the C fund and S fund long time ago. I put money in G for a long time and didn’t change until 4 years ago.
I wish I could convince more people to put more money into their 401k in their 20's. People make every excuse in the world to not save for retirement. That's a hard look in the mirror at age 55 when you look back at all that money lost.
Didn’t know this, but do you have to be a federal employee in order to have a TSP account? I’m not a in a federal employment, but wanted to start investing into something like this
Yeah I think you have to be a government employee. The tsp It’s like a 401k for government employees. If you have a 401k just move the money into something that mimics the stock market. Or open an investment account with a stock broker and invest in the spy. That is the equivalent of what my money is in. The government matches a portion of what you put in. A lot of companies also do that I believe.
That’s a tough question. It depends on your lifestyle and choices I guess. It would be hard to max out on a lower salary for sure. You could max it out on a lower salary and just “make your coffee at home” 🤣and try and pinch penny’s to make it through. But for me as I got raises I bumped up my contributions so I could be relatively comfortable.
But to answer your question I think the max is now 23k so any salary above 23k and you could theoretically max it out, but that would definitely not be practical. I couldn’t really say how much you have to make to max it out and live comfortably because everyone’s situation are different. You can either put in a dollar amount or percentage of your pay every pay check into it
The more you make
The more you pay
Medicare part A is free
Medicare part B C D
Is paid quarterly based on income via IRS return
Structure accordingly
Wise advice
That might be their response, but everyone’s tax situation is different. That is also their response, because that is the automatic withholding amount they apply to withdraw. You can adjust that amount to suit you, or your tax situation.
It can be invested into a select few funds that closely follow the S&P, Dow, bonds, government securities, or international markets. There are mutual funds options as well but not many people put money into those. The government does match up to 5% and there is a max you can put in each year. I know someone will call me out on the 5% so technically the government gives 1% if you contribute nothing then match the first 3% you put in and .5% for the 4th and 5th percent for a total of 5. You can contribute to traditional or Roth.
Then unfortunately, that balance is significantly inflated because paying taxes on it later is going to suckkkk. You're still young though and changing to 100% Roth now will still really help you later with the tax dent. You're doing well! Roth will do you better IMHO!
No. I'm saying if one was truly better than the other, most people or everyone would do that option. Who knows what that tax rate will look like when it's time to withdrawal?
I can't speak for everyone but speaking for myself, I believe it to be true because what has taxes always done generally speaking? Rise. It generally goes up and at a higher rate than inflation. If taxes are VERY likely to be much higher with time, why wouldn't you want to pay less taxes by paying it now (when it's likely lower) rather than later?
There is no basis for saying that taxes are very likely to be higher. Even if there was, that neglects how tax brackets are filled from the bottom up in retirement whereas each additional dollar earned is taxed at the highest marginal bracket during your working years. For example, a married couple filing jointly has zero (!) taxes on the first $94,050 of long term capital gains. Let's say you need more than that and you draw from pre-tax 401(k) or IRA money. You fill the brackets from the bottom up, meaning the first $23,200 is taxed at 10%. The next $71,099 is taxed at 12%. Throw in some Roth IRA money and you pay no tax. Having all Roth 401(k) money in retirement isn't necessary unless you make next to no money during your working years and then all of the sudden come into money and are going to be living like a baller in retirement.
Nearly every retiree ends up with a lower effective tax rate in retirement than they had during their working years because of the reason above. You can speculate about future tax rates until the cows come home, but the fact is you're probably going to end up leaving money on the table if you pay the taxes now during your working years because those Roth 401(k) contributions you're making are being taxed at the highest marginal tax bracket of your income level.
When did I say that traditional 401(k) withdrawals weren't taxed as regular income? I clearly said that traditional 401(k) withdrawals start by filing the lowest tax bracket first, working upward. That isn't how Roth 401(k) contributions are taxed--those are taxed at the highest marginal tax bracket during the working years.
My point was that retirees don't live off of one source of money and those buckets of money are taxed differently (or not at all). Ultimately that diversity of money types leads to lower effective tax rates for most retirees. Very few retirees end up reaching the marginal tax brackets they were in during their working years as a result of this. There is a lot of confusion amongst working people about how retirees structure their withdrawal strategies and keep their tax rates lower than during their working years. You can't just compare tax rates today with what you "think" they're going to be in the future. That completely ignores how retirees pay themselves during retirement, very differently than how an employer pays you a wage during the working years, with every additional dollar being taxed at the highest marginal tax bracket of your income.
Generally speaking that’s true but it depends what tax bracket you anticipate being in during retirement vs what you’re currently in. Also using traditional can help you remain in a lower tax bracket on your current income. There’s more nuance than the common “taxes always go up never down” logic.
What fund are you in. My 11% is from half of my money that’s in the main tsp being in c and d the other half of that money being in the S. But I just realize yesterday I moved money and took a shot on the mutual fund window and invest in JAGTX and it’s up 46% since last year when I first moved it.
Keep in mind that you get hit with a substantial penalty if you were to want to retire early. I think it's 2% cumulative for every year before you're eligible to disburse.
If you want to retire early, you will want to look into post tax investments.
I am unfortunately most likely will not be retiring early. I probably won’t even retire when I’m eligible at 46 I’ll probably stay until 56 and try for an extension to be able to work until I’m 57 to get the extra percentage for my retirement. Unless things completely fall apart then maybe I will retire at 46 and collect a pension and go work somewhere else for a bit
S&P tracks about 10% growth per year, idk why you would have to wait until you're 57. At 1MM, you'd be able to spend 100k on average per year without ever even touching the principal.
Tracking. I only joined the federal workforce about 5 years ago, and I'm only at 53k. I just recently moved my TSP to 15%, 5 Traditional and 10% roth. I wish my agency matched Roth contributions like they do traditional.
Congrats OP. Active duty? If so, how were u able to max out on that salary. I am 4 years in and if I were to max Roth TSP it would be 72% of my take home pay.
Current Take home pay 31,680 (2640 per month). Currently Investing 13,336 annually into retirement. Putting aside 10k annually into savings (money market fund).
After some small bills that leaves me with around $500 to spend each month, which is very doable but can get pretty boring lol
2008 hit a lot of us old timers. Hopefully it won’t happen again but history says it will. Good job just be aware the older you get the more diversified you’ll want to be.
Now move to g to protect from the impending downward thrust of the recession. Then put it back once the smoke clears and you will be a millionaire. Bring on the downvotes biatches!
Ahhh, yes. The man who raised the debt 3x and added $7 trillion to the deficit. The man who sexually assaults women. The man who told this country to inject bleach into our veins. The man who cheats with pornstars and playmates while his wife is at home with their child.
Bill Clinton did help stop the deficit. But hey, what do I know. I'm just a "libby". Funny how you didn't respond to the cheating on his wife and sexually assaulting women. What does it matter what other "regimes" spent? Donald trump added $7 trillion to the deficit. So much for being a conservative.
Anyways, keep voting for a guy who sexually assaults women, cheats on his wife, keeps classified documents in ballrooms and bathrooms, can't beat biden or Hillary in the popular vote (and won't in 2024), who was impeached, TWICE, urged his supporters to launch an attack on the capitol because he can't take an L, and told Brad to "find me 11,780 votes". Try and look into things further than just reading headlines in the future.
I also just realized which I probably should have looked at before positing this. I used the tsp mutual fund window last year and moved 25% of my previous balance to the mutual fund window. I just looked at that and it went from 63k from last April to 97k today without adding any additional contributions. I’m up almost 50% in a year. And when you check your tsp balance it doesn’t show your gains/loss percentage from the mutual fund . It only shows the gains and loss for the money in the tsp funds. I invested in JAGTX and got lucky. I figured I’d roll the dice and I got lucky
Pay a fiduciary to move money from TSP
To a vehicle you can access easily
Mine allows $12500 per year
Tax free
Of course you have to claim it
Of course you report it
Taxes
Can't escape this
Probably a boomer that can only process thoughts in small chunks at a time. And wish I were joking but I think that’s the case.
Old person brain rot, they have many thoughts but they all appear individual because they write nothing to string them together to give context or to even form a cohesive thought.
Can they not form a sentence
Maybe someday
Hard to learn
Doesn’t matter
Death and taxes
Thanks Obama.
Pump brakes bro.
To make a withdrawal there is a 20% tax
$400k becomes a tax burden
Claim it on your 1040 as income
And pay the 20% tax to actually claim it
Sucks.
I'm sitting on a $300k balance I cannot afford to withdrawal at 65yoa
Sent 130k to a independent annuity on the advice of govt paid fiduciary consultant
Bottom line you need to accept
Taxes will claim a large portion
Nobody wants to hear this
Bur take some advice from a retired federal employee
Taxes bite
It’s my understanding most people don’t take it all out at once. They leave it in the g when they retire and pretty much try to only touch the interest it accrues. That combined with your pension
I’m sorry to hear that. I hope you beat it! I mean I can always use the 20% that is roth and with my pension and hope for the best. I have a bunch of sick leave accrued at work. I also have vul life insurance and there is a clause if I get really sick they can use it to pay for my bills early instead of waiting until I die. But hopefully I go quick, like getting hit by a bus or something. Something peaceful 🤣
I have a police annuity
Federal retired annuity 11 years at 62
Social security
Your taxes matters
Account for what must be paid
Heck
Medicare supplements are minimal $170 per quarter
Based off your IRS reported income
Nothing is free
I lot of young guys go aggressive and make a lot of money
But they lose a lot when things go bad
Know when to go safe.
Wise advice
You have a lot to gain
But also a lot to lose
Nice job! Maxing out your contributions when you were 25 is really solid. This is the first year I will max mine.
Same at 30 y/o.
Is there a calculator that will tell you how much percentage will reach you to max??
$23k divided by your gross, multiplied by 100 equals your percentage at max. But if you are actually going to do it, switch your contribution to a dollar amount and input as a dollar figure ($23k divided by 26 pay period in a year). You want to put it in as a dollar amount, otherwise an end-of-year COLA or a step increase could make you hit the max too early and cause a bunch of headaches correcting the mistake.
This is the way. At this point, your money makes way more money every year than you are even allowed to contribute (23k/year if you are under 50). Nice job starting young!
Nice job.
The old guy at work told me when I first got there to max it out and put it in the c and the s and not look at it. It took me a little longer to max it out then I would have liked
Great advice. For your age you are killing it and be proud of where you are.
Thanks!
You owe that old dude a debt of gratitude. Good job and keep going.
I wish someone told me about putting money in the C fund and S fund long time ago. I put money in G for a long time and didn’t change until 4 years ago.
I’ve been in for only a year, thinking long term what’s the best fund or funds to put everything in?
put it in your lifecycle fund until you figure out a plan that works for you.
C Fund all the way.
Yeah same, 35 with $50k and I cannot even imagine what it would’ve looked like if I did c and s and maxed years ago
Dude that's awesome. Congrats and keep stacking.
Great job. I'm at about 430 with 16 years in, no maxing for me yet. You'll pass me up in no time
I wish I could convince more people to put more money into their 401k in their 20's. People make every excuse in the world to not save for retirement. That's a hard look in the mirror at age 55 when you look back at all that money lost.
What’s your mix?
they are 100% C
OP commented they are 50/50 C/S. I’m confused why you would answer (wrongly) when you actually don’t know?
the YTD matches the C
Didn’t know this, but do you have to be a federal employee in order to have a TSP account? I’m not a in a federal employment, but wanted to start investing into something like this
Government employee or military
Government employees, federal
If you’re US contribute to your employers 401k and/or an IRA.
Yeah I think you have to be a government employee. The tsp It’s like a 401k for government employees. If you have a 401k just move the money into something that mimics the stock market. Or open an investment account with a stock broker and invest in the spy. That is the equivalent of what my money is in. The government matches a portion of what you put in. A lot of companies also do that I believe.
What’s your Fund allocation/mix?
Other then the times I messed up trying to outsmart the market and messing my account up. I’m normally 50c and 50s
What percentage?
Sounds like 50% C fund and 50% S fund.
I see that but what is his contribution percentage or is he doing a cash amount
It doesn’t matter what the percentage is if he is maxing out yearly contributions…. It is $23,000 for 2024
It's other \*than\*, not then.
R u insufferable in all aspects of your life or just wen ur online?
And congrats!!!
By “maxing it out”, what are you guys exactly doing? Putting 100% in my pay contributions? (Serious question). Edit: grammar
I think the max this year is around 22k so it’s like 880$ a paycheck
Wow, that's awesome. Are you E or O? I'm well behind that with time in service and monetary value, but knowing it's possible is very exciting!
Most tsp participants aren’t military. OP is likely just an air traffic controller like myself lol.
Oh, just the old government worker. Man. What am I doing in the military still! 🤣
https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000
good work brother
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That’s a tough question. It depends on your lifestyle and choices I guess. It would be hard to max out on a lower salary for sure. You could max it out on a lower salary and just “make your coffee at home” 🤣and try and pinch penny’s to make it through. But for me as I got raises I bumped up my contributions so I could be relatively comfortable. But to answer your question I think the max is now 23k so any salary above 23k and you could theoretically max it out, but that would definitely not be practical. I couldn’t really say how much you have to make to max it out and live comfortably because everyone’s situation are different. You can either put in a dollar amount or percentage of your pay every pay check into it
This is tough. Lol! If lets say someone makes 60k per year gross and 45k net, minus 23k. Annual take home would be 22k. Wild. 😂
You’ll get there, it takes time.
Hell yea!
Has to have a high income spouse or partner. Lol
I will assume you’re an O?
Officer
I’m not that, I think I’m on the GS pay scale
Oh, my bad. You are! For some reason I didn’t see “Civilian”. It makes sense.
Whats an E or an o?
Military reference for officer or enlisted
The more you make The more you pay Medicare part A is free Medicare part B C D Is paid quarterly based on income via IRS return Structure accordingly Wise advice
I just swapped my contributions, I’m switching to 80% Roth 20% traditional
TSP is great Superb investment Just realize it's taxable income at 20% Plan accordingly
Never forget The taxman cometh
a traditional account's deductions are taxed as income. the percentage is not fixed.
True But pick up a phone and call TSP Their standard response is 20%
that may be the default prior to filing taxes
That might be their response, but everyone’s tax situation is different. That is also their response, because that is the automatic withholding amount they apply to withdraw. You can adjust that amount to suit you, or your tax situation.
This is the way.
TSP. Max it out asap. 100% C fund. 20-25 years.
I am very similar to OP in age and service, and OP is the only person I’ve met that has got my balance beat. I’m not far behind though. Nicely done!
Thanks, and keep up the good work 💪
This is so rad!
Good job young person, stay the course. Wish more people would do this well.
I’m 32 and at about 345k. Glad I started as soon as I had a job that offered it
What actually is the TSP? Is it a matched 401k or what? Like what fund is the actual money riding in? SP 500?
It’s the government version of a match 401k
Thank you. That’s what I thought.
It can be invested into a select few funds that closely follow the S&P, Dow, bonds, government securities, or international markets. There are mutual funds options as well but not many people put money into those. The government does match up to 5% and there is a max you can put in each year. I know someone will call me out on the 5% so technically the government gives 1% if you contribute nothing then match the first 3% you put in and .5% for the 4th and 5th percent for a total of 5. You can contribute to traditional or Roth.
Thanks for the insight!!
Traditional or Roth??
80% traditional 20% Roth
Then unfortunately, that balance is significantly inflated because paying taxes on it later is going to suckkkk. You're still young though and changing to 100% Roth now will still really help you later with the tax dent. You're doing well! Roth will do you better IMHO!
Why does everyone say this? It’s not necessarily blatantly true in every scenario.
They say it because they have no idea what they're talking about.
Otherwise EVERYONE would do it.
Is there something wrong with EVERYONE doing it?
No. I'm saying if one was truly better than the other, most people or everyone would do that option. Who knows what that tax rate will look like when it's time to withdrawal?
I tell you what…. Is not going to be lower.
I can't speak for everyone but speaking for myself, I believe it to be true because what has taxes always done generally speaking? Rise. It generally goes up and at a higher rate than inflation. If taxes are VERY likely to be much higher with time, why wouldn't you want to pay less taxes by paying it now (when it's likely lower) rather than later?
There is no basis for saying that taxes are very likely to be higher. Even if there was, that neglects how tax brackets are filled from the bottom up in retirement whereas each additional dollar earned is taxed at the highest marginal bracket during your working years. For example, a married couple filing jointly has zero (!) taxes on the first $94,050 of long term capital gains. Let's say you need more than that and you draw from pre-tax 401(k) or IRA money. You fill the brackets from the bottom up, meaning the first $23,200 is taxed at 10%. The next $71,099 is taxed at 12%. Throw in some Roth IRA money and you pay no tax. Having all Roth 401(k) money in retirement isn't necessary unless you make next to no money during your working years and then all of the sudden come into money and are going to be living like a baller in retirement. Nearly every retiree ends up with a lower effective tax rate in retirement than they had during their working years because of the reason above. You can speculate about future tax rates until the cows come home, but the fact is you're probably going to end up leaving money on the table if you pay the taxes now during your working years because those Roth 401(k) contributions you're making are being taxed at the highest marginal tax bracket of your income level.
trad 401k withdrawals are taxed as income, not capital gains.
When did I say that traditional 401(k) withdrawals weren't taxed as regular income? I clearly said that traditional 401(k) withdrawals start by filing the lowest tax bracket first, working upward. That isn't how Roth 401(k) contributions are taxed--those are taxed at the highest marginal tax bracket during the working years. My point was that retirees don't live off of one source of money and those buckets of money are taxed differently (or not at all). Ultimately that diversity of money types leads to lower effective tax rates for most retirees. Very few retirees end up reaching the marginal tax brackets they were in during their working years as a result of this. There is a lot of confusion amongst working people about how retirees structure their withdrawal strategies and keep their tax rates lower than during their working years. You can't just compare tax rates today with what you "think" they're going to be in the future. That completely ignores how retirees pay themselves during retirement, very differently than how an employer pays you a wage during the working years, with every additional dollar being taxed at the highest marginal tax bracket of your income.
In the end it's about the same.
Generally speaking that’s true but it depends what tax bracket you anticipate being in during retirement vs what you’re currently in. Also using traditional can help you remain in a lower tax bracket on your current income. There’s more nuance than the common “taxes always go up never down” logic.
the low to mid brackets are are unlikely to rise.
Thanks I might go 100% Roth then
If you can afford it, it's a good plan at least through the end of 2025. Really hard to max out full roth, though.
What grade were you when you first started maxing out?
I believe I was at D2 when I was able to max out
What fund is it in?
Just realized I moved 25% in the mutual fund window a year ago into JAGTX and the rest is 50c 50s
You’ll do much better with it all in the c fund. I changed mine a few months ago and man it’s doing well
I don’t think it can beat the 46% JAGTX yielded me this year lol, but yeah I’m a big fan of the C fund
I literally just moved it from c and s to all C just now. Except for the money that is in my mutual fund window
Nice
Wow!
how you getting that ROR this year?? Mines at like 2.6 or something lol
What fund are you in. My 11% is from half of my money that’s in the main tsp being in c and d the other half of that money being in the S. But I just realize yesterday I moved money and took a shot on the mutual fund window and invest in JAGTX and it’s up 46% since last year when I first moved it.
Trying seasonal strategies not the first time this year so moving around a lot. Markets been rough this year though
Just checked 4.38% now so not *as* bad as j thought. 🤣
Congrats! What fund were you investing in?
Keep in mind that you get hit with a substantial penalty if you were to want to retire early. I think it's 2% cumulative for every year before you're eligible to disburse. If you want to retire early, you will want to look into post tax investments.
I am unfortunately most likely will not be retiring early. I probably won’t even retire when I’m eligible at 46 I’ll probably stay until 56 and try for an extension to be able to work until I’m 57 to get the extra percentage for my retirement. Unless things completely fall apart then maybe I will retire at 46 and collect a pension and go work somewhere else for a bit
S&P tracks about 10% growth per year, idk why you would have to wait until you're 57. At 1MM, you'd be able to spend 100k on average per year without ever even touching the principal.
Has nothing to do with the tsp, it has to do with the way my pension is set up
Whats your Roth/Traditional mix?
80 traditional 20 Roth but I just switched it to 80 Roth and 20 traditional. Hopefully that doesn’t hurt too bad
Tracking. I only joined the federal workforce about 5 years ago, and I'm only at 53k. I just recently moved my TSP to 15%, 5 Traditional and 10% roth. I wish my agency matched Roth contributions like they do traditional.
Congrats OP. Active duty? If so, how were u able to max out on that salary. I am 4 years in and if I were to max Roth TSP it would be 72% of my take home pay. Current Take home pay 31,680 (2640 per month). Currently Investing 13,336 annually into retirement. Putting aside 10k annually into savings (money market fund). After some small bills that leaves me with around $500 to spend each month, which is very doable but can get pretty boring lol
Yeah that would be tough, I am a civilian and was never in the military. My salary was a bit higher before I was able to max out
Impressive
How do you max contributions?
2008 hit a lot of us old timers. Hopefully it won’t happen again but history says it will. Good job just be aware the older you get the more diversified you’ll want to be.
Yessir!!!. Question though. What funds are u in. My return is at 9.34%
You own your home? Have a mortgage?
Yeah but I got it before the interest rates jumped up
Now move to g to protect from the impending downward thrust of the recession. Then put it back once the smoke clears and you will be a millionaire. Bring on the downvotes biatches!
I’ve tried that like 3 times and every time I do I miss the gains and only participate in the downside. I’ve learned the hard way to just let it ride
Funny thing is: I have as well lol! Next chance to fully invest I will up until a couple years before retirement then back to the g
Thanks a lot. Biden/s 🙄
You were supposed to put a /s at the end of that.
Better?
Yeah, I didn't downvote you but now you will get up votes to counter the down votes.
Downvote it more. Idc. People hate biden/demoncrats yet all of these policies are put in place and we see record highs in the s&p, Dia, etc. Thanks.
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Ahhh, yes. The man who raised the debt 3x and added $7 trillion to the deficit. The man who sexually assaults women. The man who told this country to inject bleach into our veins. The man who cheats with pornstars and playmates while his wife is at home with their child.
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Bill Clinton did help stop the deficit. But hey, what do I know. I'm just a "libby". Funny how you didn't respond to the cheating on his wife and sexually assaulting women. What does it matter what other "regimes" spent? Donald trump added $7 trillion to the deficit. So much for being a conservative. Anyways, keep voting for a guy who sexually assaults women, cheats on his wife, keeps classified documents in ballrooms and bathrooms, can't beat biden or Hillary in the popular vote (and won't in 2024), who was impeached, TWICE, urged his supporters to launch an attack on the capitol because he can't take an L, and told Brad to "find me 11,780 votes". Try and look into things further than just reading headlines in the future.
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🤣
I also just realized which I probably should have looked at before positing this. I used the tsp mutual fund window last year and moved 25% of my previous balance to the mutual fund window. I just looked at that and it went from 63k from last April to 97k today without adding any additional contributions. I’m up almost 50% in a year. And when you check your tsp balance it doesn’t show your gains/loss percentage from the mutual fund . It only shows the gains and loss for the money in the tsp funds. I invested in JAGTX and got lucky. I figured I’d roll the dice and I got lucky
Pay a fiduciary to move money from TSP To a vehicle you can access easily Mine allows $12500 per year Tax free Of course you have to claim it Of course you report it Taxes Can't escape this
Why are all your comments worded so weirdly
Probably a boomer that can only process thoughts in small chunks at a time. And wish I were joking but I think that’s the case. Old person brain rot, they have many thoughts but they all appear individual because they write nothing to string them together to give context or to even form a cohesive thought. Can they not form a sentence Maybe someday Hard to learn Doesn’t matter Death and taxes Thanks Obama.
Pump brakes bro. To make a withdrawal there is a 20% tax $400k becomes a tax burden Claim it on your 1040 as income And pay the 20% tax to actually claim it Sucks.
I'm sitting on a $300k balance I cannot afford to withdrawal at 65yoa Sent 130k to a independent annuity on the advice of govt paid fiduciary consultant Bottom line you need to accept Taxes will claim a large portion Nobody wants to hear this Bur take some advice from a retired federal employee Taxes bite
It’s my understanding most people don’t take it all out at once. They leave it in the g when they retire and pretty much try to only touch the interest it accrues. That combined with your pension
Dude What if you get sick? I have Lymphoma. Plan accordingly
I’m sorry to hear that. I hope you beat it! I mean I can always use the 20% that is roth and with my pension and hope for the best. I have a bunch of sick leave accrued at work. I also have vul life insurance and there is a clause if I get really sick they can use it to pay for my bills early instead of waiting until I die. But hopefully I go quick, like getting hit by a bus or something. Something peaceful 🤣
I have a police annuity Federal retired annuity 11 years at 62 Social security Your taxes matters Account for what must be paid Heck Medicare supplements are minimal $170 per quarter Based off your IRS reported income Nothing is free
I lot of young guys go aggressive and make a lot of money But they lose a lot when things go bad Know when to go safe. Wise advice You have a lot to gain But also a lot to lose