The Roth TSP and Roth IRA may share the same name, but share only a few characteristics.
Otherwise, they are completely different accounts.
Watch the video to find out the differences and visit the article below to find out more.
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Cooper Mitchell helps federal employees better understand their benefits and helps them retire on their terms. Using financial planning and investment management through Cooper is able to tackle the issues that are unique to federal employees.
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I'm left more confuse watching this video
What if you not working for government anymore do you still need to pay roth tsp? And also you can enroll roth tsp and traditional tsp ?
WTF!!! I had no idea Coop from Garage Gym Reviews did these finance videos.
Doubt if anyone will answer, but I'm hoping..
I was always under the impression for a Roth that since you paid taxes up front, whatever extra cash you made from the investment was 100% tax free when you withdrew after 59.5.
Example 100k contributed turns into 300k at 59.5
I can't pull out 300k completely tax free?
After you retired , what fund should you keep it in. Because G Fund are making so little interest
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.
I feel like I should be working out in my home gym right now.
Im contributing 6% in the roth tsp because taxes could get higher later on the more the money increase in the roth (if that makes any sense?). I will probably increase the percent later on
8:02 wow I never knew that!
Hi Cooper! Just found your channel not long ago. I have a question if you don’t mind. I’m a federal employee and I’m looking into getting a Roth IRA. I don’t know if it’s better to just go with my bank or find a private broker. What do you suggest?
Another thing the last difference is that I have to make a certain amount of money in order for me to qualify? Am I correct? I was thinking of opening one with $1000
Thank you for your time and LORD bless!
Hello Cooper, I have enough income coming in that I likely will not need to withdraw anything from either of my TSP accounts (Roth and Traditional) or my IRA's (all Roth's). I still work in the government and will continue to do so for several years to come still adding to my TSP account, even though I turn 58 this year. Eventually, when I am done with the government, I anticipate over 1 million in my TSP and transferring both of my TSP accounts (Roth and Traditional) to one or several of my Roth IRA's to protect them from RMDs. Is that an accurate assessment that it will prevent me from having to take RMDs should I desire not too? Is that a wise plan? As I understand the current law, I have to take RMDs with either accounts in the TSP, but not the Roth IRA.
Thank you for all that you do to help us learn to make wise financial decisions!
You’re the first advisor that I heard say that we must wait 5 years to tap into a Roth IRA .. all others I’ve heard, say that we can take out our contributions at any time, just not any gain on those contributions?
Need to get Coop’s channel monetized so he can make more videos down the line and make all his efforts for us worth it. Anyone watching this hit like and subscribe please.
Thanks Cooper, can always count on your honest assessment
At 6:22 you say that the Roth TSP, as opposed to the Roth IRA, is included in the Provisional Income Threshold for determining how much of your Social Security income is taxable. If I am not mistaken, this is not correct if the Roth TSP is "qualified", meaning it has been in existence for 5 years and you are at least 59 1/2. At that point none of the Roth TSP is included in provisional income. If the Roth TSP is not "qualified", only the earnings (interest) part of the Roth TSP would be included in the Provisional Income Threshold, and not the original contributions to the Roth TSP. They are never included.
I'm more confused AFTER the video. Here is my question. I have both Traditional and Roth TSP. I am currently only putting into my ROTH TSP…..does this mean that the agency is NOT matching their matching percentage? Or does it mean what they match is going directly into my Traditional TSP portfolio portion of my TSP savings.
Can I contribute 5% to tsp ira and 2% to Roth tsp. How much money would they take ouy
Just did 5 percent for TSP and 8 for ROTH IRA. Been living at E2 pay for the past few years with a few pay bumps. Now at every annual pay bump or promotion, i’m increasing a percent on one or the other. Its not a gamble if there’s a proven record of success from other people.
.. but a TSP is protected from creditors and bankruptcy, unlike an IRA. I will not use an IRA because there is a greater than average risk that my family will have massive medical debt in the future. TSP is protected by ERISA
Now if I have $5,000 to invest, would it be better to invest it all at once or invest it randomly throughout the year?
im 17 in the national guard and look to stay in for a while. which should i choose to start
Would you suggest opening a private Roth IRA to place money in, addition to having a ROTH TSP?
You said at the 4:30 mark that you can withdraw your contributions from a Roth IRA after the 5 year "seasoning period".
I'm not trying to be an internet troll or anything, but that is incorrect. You can withdraw your contributions from a Roth IRA at any point without penalties, but if you touch your EARNINGS from the Roth IRA that is where you run into penalties.
Mostly agree, but definitely disagree on a couple. First, TSP is the best place to borrow money as long as you do it responsibly. The rate is the best and they also limit the amount. Second, Leaving some or even all money in TSP at after retirement may not be a bad idea if you know how to invest. Albeit limited, there are still choices of some funds you can mix and match. No one can beat the investment expenses.
Cooper, are we able to have a roth tsp and roth ira?
as a younger Fed employee I've got a fair amount of student debt and am taking advantage of the public service loan forgiveness program, you're monthly payments over 10 years are determined by your AGI, it makes the tax advantaged traditional TSP seem like a good idea for the next 10 years
I just found your channel after the RSP group put on a conference call about the TSP. during the call I kept asking some of the questions that you talk about in this video but none of the moderators would answer my questions regarding the ROTH TSP, I ended up researching ,y questions and finding most of the answers on my own. One question that I couldn't find or get a straight answer from anyone which you talked about is: "The ROTH TSP the same as a ROTH IRA that I would get are a investment company?" If I understand you correctly, the ROTH TSP is not the same as a ROTH IRA and listening to what you said. If I am looking at possible higher taxes at my time of retirement; I shouldn't be investing in the ROTH TSP; but, rather a ROTH IRA because due to the flexibility that I can get with a ROTH IRA from say Vanguard verses the ROTH TSP. Would you say that this is a true statement? Can you explain more or do you have a more in-depth video on a Roth TSP verses a ROTH IRA? thanks in advance.
Thank you Cooper, I learned a lot from your videos.
So as federal employees, can we have both, a traditional TSP and a Roth TSP?
I’m confused all Ik is that my last name is roth… ._.