F4mandolin
Full time employment: Posting here.
Currently about to start withdrawals from my TSP Govt account. My goal is to drain the account in as short a period of time as possible and still avoid going into the 25% bracket. 2017 won't actually be the problem since it will be at least March before the payments begin. But....since the TSP only takes adjustments to the amount of money you want once a year.....I'm trying to get it as close as possible to the limit for 2018 onward....even going a hair into the 25% is not a big deal. I took a look online thinking about downloading a copy of TurboTax (Alan suggested this)...but there is a comment about being only available to those that live in the US......I live in the UK. I "think" the following withdrawal plan is ok.....but just want to know if anybody sees a big boo-boo I don't see.
*TSP Currently $535,000
*Monthly withdrawal of $5800=$69,600 yearly gross.
*$69,600 minus the married jointly deduction/exemptions ($20,700)= $48,900 taxable?
*Pension currently $26,500 yearly (taxable amount from 2015 taxes). This will go down $850 a month($10,200 yearly) in 2.5 years when I hit 62.....so I can raise the TSP monthly $850 a month that following year.
*Will go on social security at that time....but it is only taxed in the UK.
*Pension of $26,500 + $48,900= $75,400 taxable?
*Account is drained in around 8 years. I would prefer to drain it sooner.....just don't want to pay the higher taxes.
Anything big I am missing?
Fred
*TSP Currently $535,000
*Monthly withdrawal of $5800=$69,600 yearly gross.
*$69,600 minus the married jointly deduction/exemptions ($20,700)= $48,900 taxable?
*Pension currently $26,500 yearly (taxable amount from 2015 taxes). This will go down $850 a month($10,200 yearly) in 2.5 years when I hit 62.....so I can raise the TSP monthly $850 a month that following year.
*Will go on social security at that time....but it is only taxed in the UK.
*Pension of $26,500 + $48,900= $75,400 taxable?
*Account is drained in around 8 years. I would prefer to drain it sooner.....just don't want to pay the higher taxes.
Anything big I am missing?
Fred