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Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Jeez...people...There is none.  Like I said this tactic is SPECIFICALLY for the wealthy, or more accurately high-income earners.  High income earners are not allowed to contribute directly (DIRECTLY) to a Roth but THEY CAN contribute to a REGULAR IRA then convert the IRA funds to a Roth.  It is called a Backdoor Roth and has 0 applicability to anyone but high 14s, 15s, or SES.  From;

https://www.schwab.com/ira/roth-ira/contribution-limits#:~:text=If%20you%20file%20taxes%20as,208%2C000%20for%20the%20tax%20year

" Roth IRA contributions are made on an after-tax basis. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level. If you file taxes as a single person, your Modified Adjusted Gross Income (MAGI) must be under $139,000 for the tax year 2020 and under $140,000 for the tax year 2021 to contribute to a Roth IRA, and if you're married and file jointly, your MAGI must be under $206,000 for the tax year 2020 and 208,000 for the tax year 2021. "


On Thu, 30 Sep 2021 07:10:51 -0400, "Thomas Wellock" <thomas.wellock@gmail.com> wrote:
 
What is the advantage in putting the money in a traditional account and then converting it immediately to a Roth? Why not contribute directly to the Roth? 
 
On Wed, Sep 29, 2021 at 9:38 PM Smooth1_2u via groups.io <Smooth1_2u=yahoo.com@groups.io> wrote:
Main thing to accumulating wealth is maxing out your TSP, then create a Traditional IRA and then Roth IRA. Put in some money (I.e. $500/month) in your Trad IRA, and then a week after, move those funds over to your Roth IRA.

if you contact your brokerage like Etrade, Vanguard, or TD Ameritrade, they will help you with the process. There's couple things I wish we could do with the TSP,  but it's all good.

 

 

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

What is the advantage in putting the money in a traditional account and then converting it immediately to a Roth? Why not contribute directly to the Roth? 

On Wed, Sep 29, 2021 at 9:38 PM Smooth1_2u via groups.io <Smooth1_2u=yahoo.com@groups.io> wrote:
Main thing to accumulating wealth is maxing out your TSP, then create a Traditional IRA and then Roth IRA. Put in some money (I.e. $500/month) in your Trad IRA, and then a week after, move those funds over to your Roth IRA.

if you contact your brokerage like Etrade, Vanguard, or TD Ameritrade, they will help you with the process. There's couple things I wish we could do with the TSP,  but it's all good.

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Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Main thing to accumulating wealth is maxing out your TSP, then create a Traditional IRA and then Roth IRA. Put in some money (I.e. $500/month) in your Trad IRA, and then a week after, move those funds over to your Roth IRA.

if you contact your brokerage like Etrade, Vanguard, or TD Ameritrade, they will help you with the process. There’s couple things I wish we could do with the TSP,  but it’s all good.
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Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

I's go to the source call TSP.   Your will have to pay taxes at regular income rates.   I did it  in IRAs but did it over several so I wouldn't go over in to the next higher bracket. 
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Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Re: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

No...thats reserved for the wealthy 



Sent via the Samsung Galaxy S9, an AT&T 5G Evolution capable smartphone


-------- Original message --------
From: "Ardon Kharpuri Mukhim via groups.io" <akharpuri=yahoo.com@groups.io>
Date: 9/28/21 6:10 PM (GMT-07:00)
To: TSPStrategy@groups.io
Subject: [TSPStrategy] Can us Feds do a backdoor Roth conversion?

Yahoo Finance: This Back-Door Retirement Strategy Goes Away Jan. 1 – Did You Even Know About It?.

https://finance.yahoo.com/news/back-door-retirement-strategy-goes-133830627.html

I have my regular tsp 401k...can I convert all of it to roth tsp?

They say the employer must allow it first...anyone know if federal allows this?
[TSPStrategy] Can us Feds do a backdoor Roth conversion?

[TSPStrategy] Can us Feds do a backdoor Roth conversion?

Yahoo Finance: This Back-Door Retirement Strategy Goes Away Jan. 1 – Did You Even Know About It?.

https://finance.yahoo.com/news/back-door-retirement-strategy-goes-133830627.html

I have my regular tsp 401k...can I convert all of it to roth tsp?

They say the employer must allow it first...anyone know if federal allows this?
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

There's a single party of reaganite tools who are invested in making the nonviolent government services function poorly (in an effort to cut them).  Unsurprisingly, they are the 'force the government to shut down for made up reasons' party.  Sorry to any sensitive government employees who got their feelings hurt hearing about it
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Who cares about who did  in the past...one is party plans to impead this bill simply  by not lifting a finger.  Not about country, strictly about getting elected.  
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

At least I'm not thinking partisan, just the facts. It's possibly it'll all turn into a situation that may be either NBD or increased pains as compared to the past. October isn't here yet, but I'm looking forward to November and hopefully some of this uncertainty will be done by then.



On 9/27/21 at 1:00 PM, Scott wrote:

From: "Scott" <rossman26@gmail.com>
Date: September 27, 2021
To: TSPStrategy@groups.io
Cc:
Subject: Re: [TSPStrategy] October 1st & Fed Actions
Just in case anyone thinks government shutdowns and the lack of a budget is the unique property of any one party…

" Congress has completed appropriations before the start of the fiscal year only 4 times in the past 40 years. The last time Congress completed all bills on time was 20 years ago, in 1996."

On Mon, 27 Sep 2021 at 18:00, <eljosco@mail.com> wrote:
Thanks for those who provided feedback. I guess we'll see how things go. 

Yellen has already taken measures that "affect" the TSP (G fund). Let's see what happens in the Senate vote this evening (5:30pm) - that'll address the shutdown potential and debt ceiling. It seems it's being pushed for the D's to deal with the debt ceiling on their own. Apparently dealing with it by reconciliation will take 2 weeks, but a default may happen by then.

Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Just in case anyone thinks government shutdowns and the lack of a budget is the unique property of any one party…

" Congress has completed appropriations before the start of the fiscal year only 4 times in the past 40 years. The last time Congress completed all bills on time was 20 years ago, in 1996."

On Mon, 27 Sep 2021 at 18:00, <eljosco@mail.com> wrote:
Thanks for those who provided feedback. I guess we'll see how things go. 

Yellen has already taken measures that "affect" the TSP (G fund). Let's see what happens in the Senate vote this evening (5:30pm) - that'll address the shutdown potential and debt ceiling. It seems it's being pushed for the D's to deal with the debt ceiling on their own. Apparently dealing with it by reconciliation will take 2 weeks, but a default may happen by then.

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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Thanks for those who provided feedback. I guess we'll see how things go. 

Yellen has already taken measures that "affect" the TSP (G fund). Let's see what happens in the Senate vote this evening (5:30pm) - that'll address the shutdown potential and debt ceiling. It seems it's being pushed for the D's to deal with the debt ceiling on their own. Apparently dealing with it by reconciliation will take 2 weeks, but a default may happen by then.

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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Absolutely agree!  I hope the Dems can pull this off.  They’re the only party with enough power to avert the shutdown, all on them. 
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Here we go again. Btw the actual details of that 3.5 trillion spending bill are appalling. 
As if 130% debt to GDP and runaway inflation wasn't bad enough already!


From: TSPStrategy@groups.io <TSPStrategy@groups.io> on behalf of winfield100 via groups.io <winfield100=yahoo.com@groups.io>
Sent: Sunday, September 26, 2021 7:44 AM
To: TSPStrategy@groups.io <TSPStrategy@groups.io>
Subject: Re: [TSPStrategy] October 1st & Fed Actions
 
Whom is this
 "they always dip into the G fund if there is a shutdown"
It looks like 1 party is responsible for shutdowns and financial chaos.



On Sep 26, 2021, at 10:22 AM, Dave in Dallas <datruedave+GroupsIO@gmail.com> wrote:

On Sat, Sep 25, 2021 at 08:20 PM, JOHN HOLLIS wrote:
Seems like for the first time ever even the G fund isn't a safe place to park (if there's a default).
They always dip into the G fund when there's a government shutdown.  They have to restore it when funding is restored, too.  The only reason to worry is if the entire government collapses, and then the TSP would be the least of our worries...
Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

AAdding partisan to windbag?



Sent via the Samsung Galaxy S9, an AT&T 5G Evolution capable smartphone


-------- Original message --------
From: "winfield100 via groups.io" <winfield100=yahoo.com@groups.io>
Date: 9/26/21 8:45 AM (GMT-07:00)
To: TSPStrategy@groups.io
Subject: Re: [TSPStrategy] October 1st & Fed Actions

Whom is this
 "they always dip into the G fund if there is a shutdown"
It looks like 1 party is responsible for shutdowns and financial chaos.



On Sep 26, 2021, at 10:22 AM, Dave in Dallas <datruedave+GroupsIO@gmail.com> wrote:

On Sat, Sep 25, 2021 at 08:20 PM, JOHN HOLLIS wrote:
Seems like for the first time ever even the G fund isn't a safe place to park (if there's a default).
They always dip into the G fund when there's a government shutdown.  They have to restore it when funding is restored, too.  The only reason to worry is if the entire government collapses, and then the TSP would be the least of our worries...
Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Whom is this
 "they always dip into the G fund if there is a shutdown"
It looks like 1 party is responsible for shutdowns and financial chaos.



On Sep 26, 2021, at 10:22 AM, Dave in Dallas <datruedave+GroupsIO@gmail.com> wrote:

On Sat, Sep 25, 2021 at 08:20 PM, JOHN HOLLIS wrote:
Seems like for the first time ever even the G fund isn't a safe place to park (if there's a default).
They always dip into the G fund when there's a government shutdown.  They have to restore it when funding is restored, too.  The only reason to worry is if the entire government collapses, and then the TSP would be the least of our worries...
Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

On Sat, Sep 25, 2021 at 08:20 PM, JOHN HOLLIS wrote:
Seems like for the first time ever even the G fund isn’t a safe place to park (if there’s a default).
They always dip into the G fund when there's a government shutdown.  They have to restore it when funding is restored, too.  The only reason to worry is if the entire government collapses, and then the TSP would be the least of our worries...
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

Seems like for the first time ever even the G fund isn't a safe place to park (if there's a default).


On Sep 24, 2021, at 3:33 PM, Paul Kusen via groups.io <Paulkayporsha=yahoo.com@groups.io> wrote:

As a hedge bought some VIX calls on trading platform for the month of Oct. - also went to mostly G. One thing certain in Congress - gridlock
[TSPStrategy] Best Dates to Retire 2022

[TSPStrategy] Best Dates to Retire 2022

Best Dates to Retire 2022

September 23, 2021

Timing is everything when it comes to retirement planning. If you retire too early, you might find you’ll have to tighten your belt or start a second career. If you wait too long, you might miss out on some of the joys of being retired, like spending more time with family, traveling or pursuing hobbies. Deciding what time is right takes a combination of financial planning, tax analysis and soul searching. 

Download the Best Dates to Retire 2022 Calendar

Once the hard work is done, it’s time to choose a specific date. This downloadable calendar is designed to show you which dates are better than others in 2022. 

But let’s cut to the chase: Is there a universal magic date to retire in 2022? Not really. A lot depends on your individual circumstances. But there’s one date that hits a trifecta of factors. And that date is: Dec. 31, 2022.

By “trifecta,” I mean that this particular date is:

  • At the end of the month
  • At the end of the leave year
  • A paid holiday

A leave year ends on the day immediately before the first day of the first full biweekly pay period in the following calendar year. It’s rare that the leave year and the calendar year end on the same day, but that’s what happens at the end of 2022. The 2023 leave year begins for most federal employees on Sunday, Jan. 1, 2023. By comparison, the 2024 leave year won’t begin for most employees until Sunday, Jan. 14, 2024 and the 2025 leave year will start on Sunday, Jan. 12, 2025.

Getting paid for the annual leave you carry over to the new year isn’t bad, but consider the amount of the lump sum payment you could receive if you didn’t take vacation time for all of next year, or 26 pay periods.

Retiring at the end of December could add an additional 208 hours (26 x 8) at an eight-hour accrual rate. This means that saving 26 accruals in addition to carry-over leave of 240 hours would provide a lump sum payment of as much as 448 hours multiplied by your hourly pay rate. At an hourly rate of $40.38, the gross payment would be $18,090.

Saving up a full year of leave accruals might make you feel like you need a vacation, but isn’t retirement like a long vacation?

One more thing: Generally, a lump-sum payment will equal the pay an employee would have received had he or she remained employed until expiration of the period covered by the annual leave. This means if there is a general pay adjustment that takes effect on the first pay period of the new leave year, then the lump sum annual leave payment will reflect the new pay rate.

Suppose, for example, there’s an across-the-board pay increase of 3% next year. Now the hourly rate of reimbursement from the example above would increase to $41.59. And cashing out 448 hours of annual leave would provide a gross payment of $18,632, or $542 more than using the 2021 pay rate.

So if you’re financially and mentally prepared to move on, New Year’s Eve 2022 may be a great way to end one era and start another. 

Download the Best Dates to Retire 2022 Calendar

Correction: This article has been updated to correct information about the 2023 leave year.


September 23, 2021

https://www.govexec.com/pay-benefits/2021/09/best-dates-retire-2022/185570/

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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

As a hedge bought some VIX calls on trading platform for the month of Oct. - also went to mostly G. One thing certain in Congress - gridlock
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Re: [TSPStrategy] October 1st & Fed Actions

Re: [TSPStrategy] October 1st & Fed Actions

I am a bit conservative and already met my earning goals for year. I went into C and S today  at 15% each. I wanted to wait until after FOMC meeting to make sure everything held. I am going to look again at going 100% G around Sep 30 depending on a CR or shutdown.

On Sep 23, 2021, at 10:39 AM, eljosco@mail.com wrote:


Interesting times with the Oct 1 date just days away and the potential effect of several things - shutdown, debt ceiling - potential suspensions of annuities (SS & pension) and its effect to the market. Yellen already took some of the extraordinary measures, including to the TSP G Fund in August (https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress_20210908_FINAL-Pelosi.pdf). As the polĂ­ticos continue to play chicken, I was curious if anyone has taken actions, considering, or riding things out. Thoughts?
[TSPStrategy] October 1st & Fed Actions

[TSPStrategy] October 1st & Fed Actions

Interesting times with the Oct 1 date just days away and the potential effect of several things - shutdown, debt ceiling - potential suspensions of annuities (SS & pension) and its effect to the market. Yellen already took some of the extraordinary measures, including to the TSP G Fund in August (https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress_20210908_FINAL-Pelosi.pdf). As the polĂ­ticos continue to play chicken, I was curious if anyone has taken actions, considering, or riding things out. Thoughts?
[TSPStrategy] Four Rules for Picking a Retirement Date

[TSPStrategy] Four Rules for Picking a Retirement Date

Four Rules for Picking a Retirement Date

September 16, 2021

Next week, I’ll present the annual Best Dates to Retire calendar, showing the optimal dates to move on in 2022. But before you see that, there are some rules for picking a date that are handy to know.

Rule No. 1: Look at the end of the month. Whether you retire under the Civil Service Retirement System, CSRS Offset or the Federal Employees Retirement System, if you work until the end of the month, your retirement will start the next day. For example, if you decide to retire on Aug. 31, 2022, which is a Wednesday, you will receive your first monthly retirement benefit for the entire month of September since your retirement will commence the day after you retire. On the other hand, if you work to the end of that week and retire on Friday, Sept. 2, your retirement would begin on Oct. 1, and your first monthly benefit would be for the month of October.

That would leave you with no compensation to show for the 3rd to the 30th of September. That is, unless you retire under CSRS, which allows you to retire on the first, second or third day of the month with your retirement commencing on the next day—prorated based on which day you pick.

Rule No. 2: Consider the end of the biweekly pay period. Did you know that if you work less than a full pay period, you will not accrue leave for that period? The annual leave that you have accumulated by the time you separate from federal service is considered unpaid compensation. Once your human resources office has taken you off your agency’s payroll, they will calculate the value of the hours of annual leave that remain in your account and issue a lump sum payment. Earning an extra eight hours will provide more cash in that final payment.

Here’s an example: Jan. 29, 2022 is the end of leave period two for most federal employees next year. Not a bad date to retire. But Monday, Jan. 31 is even better. By leaving then, you would earn another day of salary and your retirement would still begin on Feb. 1. 

One other reason Jan. 31 might be better is that by retiring then instead of Jan. 29, you’ll earn an additional two days of service credit, which could add another month to your retirement calculation. To figure out whether that’s true for you, you’ll probably need help from a retirement specialist in your human resources office.

Rule No. 3: A large lump sum leave payment can provide some cash while your retirement is being processed. For those employees who have an abundance of annual leave at retirement, the lump sum payment can be like a design-your-own buyout. Although taxes are withheld, you won’t have to make contributions to retirement, the Thrift Savings Plan or insurance premiums from this payment. 

Most federal workers can carry over 240 hours of annual leave into the new leave year and some, such as members of the Senior Executive Service, can carry over as much as 720 hours.

Rule No. 4: To every rule there are exceptions. The rules above may not apply in the same way to postal employees and others who follow a different leave calendar. Also, disability, survivor benefits, deferred and discontinued service retirements will commence on a different date than described in the rules. For elected and appointed individuals, if a separation occurs because of the expiration of a term or other period for which the person was appointed or elected, the retirement annuity commences the day after separation for retirement. Federal employees such as law enforcement officers, air traffic controllers and firefighters are subject to mandatory retirement and their retirement benefits commence the day after separation.

FERS allows retirement with benefits beginning immediately if you have 10 years of service and have reached your minimum retirement age (between 55 and 57). If you retire under this provision and choose to postpone receiving your benefit, then your date of separation and the commencing date of your retirement won’t be as closely related. You may want to retire at the end of a pay period to earn your final leave accrual before you separate.

Remember, this is only a set of guidelines. In any month of the year, you can find a great date to retire, especially if it’s a day that has meaning to you. 


September 16, 2021

https://www.govexec.com/pay-benefits/2021/09/four-rules-picking-retirement-date/185404/

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Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Thanks for the article.  These myths never die...probably because Wall Street and their politicians want your money...
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Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Thanks Jay.

On Sep 6, 2021, at 7:30 AM, Jay Stevenson <ajayon@msn.com> wrote:




Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments



Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Probably.  I think "means testing" (e.g. your benefit gets reduced if you have other income or assets) is a real possibility.

The other alternative is raising taxes but Congress even now is considering spending $3.5 trillion that the government will have to get from somewhere (likely by just printing it).

 

From: TSPStrategy@groups.io <TSPStrategy@groups.io> On Behalf Of Mark Faust
Sent: Sunday, September 5, 2021 9:45 AM
To: TSPStrategy@groups.io
Subject: Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

 

And this is all based on the fact we will have a solvent Social Security system in the future. Last numbers I saw was SSA was headed for insolvency in 12 years.  I wonder if we should be worrying about that variable as well?

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

And this is all based on the fact we will have a solvent Social Security system in the future. Last numbers I saw was SSA was headed for insolvency in 12 years.  I wonder if we should be worrying about that variable as well?
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Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Inline image
and 
66 vs 70. break even. cross over is about age 83, assuming $2,000/month and no COLA's

Inline image


On Saturday, September 4, 2021, 09:31:04 AM EDT, Thomas Wellock <thomas.wellock@gmail.com> wrote:


Try these two calculators. Before you start, get your most recent SSA statement with your work history. 



On Sat, Sep 4, 2021 at 9:08 AM scsi_guru via groups.io <scsi_guru=yahoo.com@groups.io> wrote:
Run your numbers through one of the SS break even calculators and that will provide all the information you need to make a decision.  No one in my family has lived past age 83 so I know for me I'll take it as soon as I can.  YMMV.

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Try these two calculators. Before you start, get your most recent SSA statement with your work history. 



On Sat, Sep 4, 2021 at 9:08 AM scsi_guru via groups.io <scsi_guru=yahoo.com@groups.io> wrote:
Run your numbers through one of the SS break even calculators and that will provide all the information you need to make a decision.  No one in my family has lived past age 83 so I know for me I'll take it as soon as I can.  YMMV.

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Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Re: [TSPStrategy] Off Topic: Your thoughts on this Social Security Article- Delaying payments

Run your numbers through one of the SS break even calculators and that will provide all the information you need to make a decision.  No one in my family has lived past age 83 so I know for me I'll take it as soon as I can.  YMMV.
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