What is a Spousal IRA?

Submitted by John Cooney on Nov 18, 2019

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.

Retirement, Roth IRA, IRA, Taxes

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
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