At what age do you stop paying taxes on your pension? | Ep.18
Georgia Safe Retirement Planners · Georgia Safe Retirement Planners
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Show Notes
In this episode, we're diving into a crucial aspect of retirement planning: Required Minimum Distributions (RMDs) and how they impact your pension, particularly for those with a Thrift Savings Plan (TSP). Many retirees wonder when they can stop paying taxes on their pension, and understanding the rules surrounding RMDs is a key part of that answer.
We'll explore how the SECURE Act 2.0 has adjusted the age requirement for RMDs, now requiring individuals to start taking distributions at age 73 if they turned 72 after December 31, 2022. We’ll break down when and how these distributions need to be taken, and how delaying your first RMD might affect your taxable income. Plus, we’ll discuss what you need to know about managing your TSP withdrawals to minimize tax consequences as you enjoy your retirement years.
Whether you’re approaching retirement or helping a loved one with their financial planning, this episode is packed with insights to help you navigate the complexities of pension taxation. Tune in to learn more!
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