What is a Spousal IRA?

by John Cooney on Nov 18, 2019

Retirement, Roth IRA, IRA, Taxes

One of the requirements the IRS has in place for contributing to an IRA is that the person has to have earned income that is equal to or higher than the amount they are contributing.  What this requirement did not address were those households with only one working spouse.  Thus, the Spousal IRA was born.

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Who I Help: Case Study on a Mobilizing Reservist

Submitted by John Cooney on Nov 12, 2019

I get asked a lot about what type of clients I work with, and what I do to help them.  In this case study, I talk about a client I worked with who was preparing for a military deployment.  This client hired me on an hourly basis to help them prepare financially for the deployment and maximize the benefits available to them during the deployment.  You can read the first case study in this series h

Retirement, Thrift Savings Plan, Military Financial Planner, cash-flow, Taxes

If I Inherit a TSP Account, Do I Need to Take RMDs?

Submitted by John Cooney on Sep 25, 2019

Understanding Required Minimum Distributions for your Thrift Savings Plan (TSP) can get a little complicated when the account is your own, and when it is an inherited TSP account, it can be even more complex.  Understanding when you have to start and how much you have to take can depend on a couple of factors, which I am going to explain here.

TSP, Thrift Savings Plan, Retirement, FERS, Military Financial Planner

Thrift Savings Plan Options You May Not Be Taking Advantage Of

by John Cooney on Sep 5, 2019

Hopefully, if you are eligible for the TSP, you are taking advantage of all the benefits available to you.  Low fees, professionally managed funds, and new withdrawal rules aimed at giving you flexibility when taking your money out of your account are three main benefits to the TSP.  When contributing, you also need to be aware of the options available to you to maximize the tax efficiency and amount you are contributing.  Take a few minutes today to get to kno

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Why Saving Early For Retirement is So Important

by John Cooney on Aug 19, 2019

What is your gameplan for "winning" the retirement savings game?  Contact us today for a free consultation on where you are at and what we can do to help you get to where you want to be.

John Cooney

508-217-6937

john@greenandgoldfinancial.com

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Make-Up Contributions to the TSP

by John Cooney on Jul 25, 2019

Federal Service employees, who also serve in the military, have access to some benefits with regards to the Thrift Savings Plan (TSP) that can apply if the employee is required to leave their Federal job to perform military service.  This article will highlight the eligibility requirements, rules, and provide some examples to help you determine if this is a benefit that you can take advantage of.

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Are You Impacted By the Social Security Earnings Test?

by John Cooney on Jun 20, 2019

Filing for Social Security and starting to receive your benefits can be a stressful decision for people to make.  One of the rules that taxpayers need to be aware of when choosing to decide when to file for their benefit is the Earnings Test.  This article will discuss the Earnings Test and provide some examples to help illustrate how the rule works and give you an idea of whether it will impact you or not.

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