ks-hillbilly
Active member
Question about drawing out when you retire - how much do you draw out? Say you have 150k in it and retire at 60 - how much monthly is taken out? Does it eventually run out? Is it a percentage?
Question about drawing out when you retire - how much do you draw out? Say you have 150k in it and retire at 60 - how much monthly is taken out? Does it eventually run out? Is it a percentage?
I don’t think either party would want to do that...us good ole boys who are still working 45-50 hrs a week might just decide to take a little time off to ”protest” ?I would take it all out and pay the taxes. The dumocrats tried to take the 401k (tsp included)'s away in 2009 and if they could have kept the House in 2010 would have probably done it. The Senate was all in on it also. They were saying since the 2008 collapse 401k's weren't a very good way to have a retirement so they would take away every penny everyone had in them and then turn it into a "set" retirement allotment for everyone. So if you had $1 million you lost it and would get $2000 a month retirement. Your neighbor who never put money into a 401k's and spent $20k a year on tattoos and has no retirement would also get $2000 a month........... from the pool of money the Gov't stole from people's 401k's.
If you have a portion of your TSP designated as a "Roth" you DO not pay taxes on the withdrawal, not sure if you have to be at least 59.5 when you take it out.
I don’t think either party would want to do that...us good ole boys who are still working 45-50 hrs a week might just decide to take a little time off to ”protest” ?
I wasn’t doubting, thanks for the link. I was merely pointing out that politicians should be smart enough to draw the line somewhere...or they may find the line drawn for them. A man with nothing, has nothing to lose...let‘s hope my life long financial discipline isn’t used to fund someone’s beer, cigarette and Amazon habits?Here's one article. I did a quick google so I'm sure other stories are still out there.............
Dems Target Private Retirement Accounts
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.www.carolinajournal.com
There is no forced withdrawal. Withdraw as you please. Leave in place and let the accounts you have the money in grow (or not depending on the account). Set up a fixed annuity. Your options are many. Go to tsp.gov and check it out.Question about drawing out when you retire - how much do you draw out? Say you have 150k in it and retire at 60 - how much monthly is taken out? Does it eventually run out? Is it a percentage?
There is no forced withdrawal. Withdraw as you please. Leave in place and let the accounts you have the money in grow (or not depending on the account). Set up a fixed annuity. Your options are many. Go to tsp.gov and check it out.
Believe that TSP is subject to withdrawal rules of retirement accounts. When, you get there is the only potential concern. When you get in the 70 year range you are forced to make withdrawals, which are an increasing percentage in hopes of you having to spend it all before you die at 120. Taxes!
Old enough to be penalty free I opted for monthly withdrawals (payments to me) that slightly exceed the famous 4% rule and before the recent decimation of the stock market I had maintained the original amount, meaning if it kept up I could live forever. Expect that to change as I age and am forced to take more, and eventually less. Choices should depend on individual need. Make an informed choice.
Pretty sure people worried about 401Ks and IRA's being confiscated are sinking their fortunes in to precious metals.
from a dave ramsey article:Believe that TSP is subject to withdrawal rules of retirement accounts. When, you get there is the only potential concern. When you get in the 70 year range you are forced to make withdrawals, which are an increasing percentage in hopes of you having to spend it all before you die at 120. Taxes!
Old enough to be penalty free I opted for monthly withdrawals (payments to me) that slightly exceed the famous 4% rule and before the recent decimation of the stock market I had maintained the original amount, meaning if it kept up I could live forever. Expect that to change as I age and am forced to take more, and eventually less. Choices should depend on individual need. Make an informed choice.
Pretty sure people worried about 401Ks and IRA's being confiscated are sinking their fortunes in to precious metals.
I did not mean to indicate that there are no forced withdrawal rules. The government rules are the same whether you are in a private sector or public sector retirement account. I was just trying to point out that TSP is not a bad choice for retirement money.Believe that TSP is subject to withdrawal rules of retirement accounts. When, you get there is the only potential concern. When you get in the 70 year range you are forced to make withdrawals, which are an increasing percentage in hopes of you having to spend it all before you die at 120. Taxes!
Old enough to be penalty free I opted for monthly withdrawals (payments to me) that slightly exceed the famous 4% rule and before the recent decimation of the stock market I had maintained the original amount, meaning if it kept up I could live forever. Expect that to change as I age and am forced to take more, and eventually less. Choices should depend on individual need. Make an informed choice.
Pretty sure people worried about 401Ks and IRA's being confiscated are sinking their fortunes in to precious metals.