Beginning with the first full pay period of 2021, the TSP is dramatically changing the way that it processes Catch-Up contributions. The new method includes both Civilian and Uniformed Services participants. If you are paid by the National Finance Center, the spillover methodology will be effective PP26, as that’s the pay period associated with the […]
Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need long-term care services at some point in their lives.1 So understanding the […]
“I had a comment about LTC coverage, my mom had a number of health issues and required institutional 24/7 “memory” care the final year of her life. My dad found out the hard way how expensive the care costs in 2017. It was over $12,000 a month at the “nicest” hospital. He wound up moving […]
IRS Announces BLANKET Relief for Unwanted 2020 RMDs!IRS released IRS Notice 2020-51 which extended the deadline to August 31, 2020 to return any unwanted 2020 RMDs. By “ALL” we mean ALL, even non-spouse IRA or plan beneficiaries (who could never do a rollover… until now). The 60-day rollover period is extended to August 31, 2020, […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. Since then we have received numerous questions and wanted to share them specifically as they apply to TSP. Question 1: I’ve heard that the CARES Act is waiving Required Minimum Distributions (RMDs) for 2020. Who does this apply […]