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Is It Too Late to Start Roth TSP?

Is it too late to start Roth TSP? This is a question I hear a lot talking with people about their federal retirement, so let’s go over at least what I think the answer is to that question. Does it make sense to do Roth TSP, especially if you’re later in your career? A lot of times I’ll be talking to people on the phone and they’ll say I have a year to go before I retire, and I’ve never done any Roth TSP. Is it even worth it for me to start? So let’s break down this question. I think the basis of the question is using the wrong goalpost or finish line. For a lot of people, the goal post is retirement. If you only have a year to retire is even worth starting. I would like to argue that the goal post is not at retirement. The goal post is the RMD age of 72. For most people, they are holding their retirement money in the traditional TSP meaning they’re going to pay taxes later on that money. They will pay taxes whenever they take a distribution. And they will pay taxes at whatever the going tax rate happens to be at that time. Now let’s say that they don’t need distributions. When will they pay taxes then? They’ll pay taxes at age 72 when the IRS requires you to start taking minimum distributions. That’s why I say the tax deadline or the goal post isn’t retirement but it’s really at age 72. How much traditional money makes the most sense for you to have at age 72? And you have between right now, at whatever age you are, to age 72 to get that worked out. So let’s look to see when it makes sense to do Roth and when it does not make sense to Roth. If you have $400,000 or more of TSP and you’re looking to work with somebody that knows your federal system, knows the tax code, and knows how to efficiently get your investments set up properly, to play the tax bracket game the best we know how, please go to https://christycapital.com/federal You can click the "talk with an advisor button" and talk to me. Planning is too important to leave to happenstance. If you need help, we’d love to help you. The information provided is not intended as tax or legal advice. Figures shown are for illustrative purposes only furthermore, the information nor the illustrations provided may not be used to avoid any tax penalties. This content represents the general views of Christy Capital Management and should not be regarded as personalized investment advice Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice. Retirement Benefits Institute, Inc., and a portion of its contents merged with Christy Capital Management Inc. Brandon Christy, former President of Retirement Benefits Institute, is also the current President of Christy Capital Management, Inc, a registered investment adviser.