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Video instructions and help with filling out and completing fers lump sum payment

Instructions and Help about fers lump sum payment

TSP withdrawal options update for 2021 I get a ton of info questions and and just actually people in the lightening means so to speak on various TSP withdrawal options under the new TSP Modernization Act of 2021 I've done videos on this before but I tell you I still get tons of emails about this inquiring in the lake a lady here shared this Ark with me which I've actually talked about before but I'm going to go over it again because it's incredibly incredibly important and obviously with the amount of traffic I get on this is very informative as well people just need to be in the node because there's a lot of money in the TSP and the last thing we want you to do is make a crappy decision that could cost you big time so we're gonna read an article that talks about the TSP withdrawal options and then we're gonna do a second part of this about the TSP taxes that you got to be aware of as well so don't forget to subscribe down below the heritage wealth planning YouTube channel if you like what you see that little ritz rectangle down there subscribe thumbs up comments and share this video with you with folks who are in the TSP the Thrift Savings Plan so let's minimize me here and this is a well my friend sent this to me this is from the the NA RFP which I presume is a National Association of retired federal employees and I'm not sure the date on this let's see if we go down the bottom here it says the date on this guy you know I don't see a date alright anyway but it's good is a good piece of reading I've read this before actually uh to you guys so but we're gonna do it again because it's credibly important right so TSP withdrawal retiring employees seek the strategy that fits their needs and what we're gonna do is are gonna go jump right down to here a variety of choices there are several primary choices for using TSP funds in retirement though there are many variations on them they are leaving the money in the TSP until ages seven and a half when our MDS are required required minimum distributions taking a partial one-time withdrawal taking a full withdrawal as a single lump sum payment often transferred into an are a taking a full withdrawal with a series of monthly payments either in a amount that participant chooses or as a as a newly calculated but a TSP using life or I'm not not an annuity but as a monthly payment is calculated by the TSP using life expectancy tables taking a full withdrawal as an annuity or taking a full withdrawal as a combination of those options I determine which is best for you consider your goals by bus as a guy from first command based on TSP payment.

FAQ

If you win the lottery, should you take the lump sum or the annual payouts?
I assume the spirit of your question is "Which method works to my advantage from a monetary standpoint?"There may be a lot of reasons why you might "want" to take the lump sum distribution, such as funding needed for a new business, you have only a few months left to live, want to lead the "rich and shameless" lifestyle, etc.Assuming that these are not motivating factors, it would seem that taking the annual distributions over 20 to 26 years seems like the road more traveled for a number of reasons.Not to say that this is where you'll wind up if you choose the lump sum method, but there are more than a few people who have hit it big, only to have lost it all.  Money does weird things to people and attracts some unsavory types into your life.  Here are some of the not-so-happy stories.  http://www.businessinsider.com/1...If you win $10 million in the lottery, many people will assume that is what you'll take home.  Not true.  The first misconception is that $10 million will be the lump sum payout.  Read the fine print.  $10 million is the award spread over the ___ year payout, often times 20 years.  The lump sum payout is about half of that. http://www.straightdope.com/colu...The next big bite that will taken is for taxes.  You'll be the highest tax bracket, which the next bit of disappointing news.  Depending on what state you live in, you're looking at 35% for federal taxes and up to 10% for state taxes.  Now, your $5 million has been reduced to $2.7 million (worst case tax scenario).  Not quite as much as you thought, but still quite nice.So the choice now becomes $2.7 million now versus $500K/year (less taxes) over the next 20 years.  Whichever way comes out better for you depends on the investment choices you make with either scenario and how disciplined you are in not blowing it all on luxury items.
How would you invest a $50 million lottery lump sum payment?
LOL. The respondents told you how they would SPEND the money which isn’t what you asked.While I have successfully done all of my investing and trading for 30+ years, with $50 million, I’d seek professional management. Different doors open when you have that kind of money.
How can you calculate the effect of a lump sum payment to the principal on a monthly mortgage payment?
Most mortgages are unaffected by a lump sum payment. Sorry.Some banks will reamortize (recalculate the payment schedule) a loan for a fee, but I think it’s kind of rare. So making that lump sum payment just reduces the term of the loan (you’ll pay back the loan sooner).An exception to the above would be adjustable rate mortgages. ARMs reset at various dates, depending on the type of ARM. At the reset date, your rate will change and the payment is recalculated. That calculation takes into account the remaining principal balance on the loan.
How to pay off mortgages faster other than paying bi-weekly or annual lump sum payments, in Canada?
Most mortgages allow you to prepay lump sum amounts when ever you want to.  Check with your bank if you are allowed.If you are allowed, then try this trick:Depending on your salary, at some point during the year you will have paid the maximum amounts to CPP and EI, and these two deductions will no longer be coming off your pay cheque.  The timing of this varies depending on your annual salary.  It might happen in June or it might be October.  Suddenly one day your cheque will be a little larger than it was before.Whatever those deductions were, say $100 per cheque -- funnel that money directly to your mortgage by making monthly lump sum payments until the end of the calendar year.  Or take some portion of that, say half, and send it to the mortgage.  Every little bit helps.This works in the US too -- there are some paycheck deductions that stop part way through the year.  Send that money to your mortgage and pay it off that much sooner.
If you win a multi-million dollar lottery jackpot, does it make better financial sense to take the lump sum cash payout or monthly payments over 20+ years?
Generally, you are better off taking the lump sum. Not to get too technical, but finance has a concept called “future value.” Think of it like this, if I had $100,000 that I invested today, what would it be worth at some time in the future. This is so common in finance that there is a built in function in Microsoft Excel to calculate it. You have to consider whether you can take the lump sum and invest it so that you get more than the sum of the payments of the winnings.Now, this is the point where I like to show off and say “If the prize is $1M and the lump sum is x, and the term of the payout is 25 years then you need to make y amount of return on x to beat the $1M annuity.” Except, I don’t have any idea what the lump sum payout is. I just don’t know. That’s the number we need to prove it mathematically.On the other hand, there are some things I know. For example, 25 year pay out of $1M is only $40,000 per year. That’s a nice bonus but it isn’t life changing to me. I would still have to work for the next 25 years. I also know that $40k 25 years from now isn’t going to be much money. Inflation is going to eat into that. Finance folks have a name for that, too. It’s called present value. What is $40k given to me 25 years from now worth in today’s dollars. That one I can estimate. If we guess 2.5% interest for those 25 years, $40k then is worth $21k today. You will be able to buy about $21k worth of stuff at today’s prices when you get that $40k 25 years from now. Every year that $40k is worth less.On the other hand, if I take the lump sum and invest it, every year I have more and more based on the magic of compound interest. I won’t explain that one here but trust me. You want to understand compound interest.Now a little quicky rule of thumb concerning compound interest: the Rule of 72. Pay attention. The rule of 72 tells us how long it takes for a sum to double when we have compound interest. Divide 72 by the interest rate. The answer is the number of terms it takes for the sum to double. If you’re earning 7.2% then 72 divided by 7.2 = 10. Every ten years your money doubles. 7.2 is a pretty interesting number because it’s about what you can expect the stock market to return over the long term, say 25 years. So if you took your lump sum and invested it in a low cost fund that tracked the S&P500 you could expect a return of 7.2%. That means your money could more than double in the 25 year pay out time. (This is a simplification. We’re ignoring that you might actually want to spend some of this money and that you will have to pay taxes on part of it.) So if the lump sum is $200k in 10 years you will have $400k and in 20 years $800k and in 25 years $1,137,364.40. That a over $100k more than you would get taking the annuity. So, if they lump sum is more than $200k, and I think it should be, then you could make a lot more. At $300k you would have $1.7 million dollars. That’s serious money.This is a simplification. Talked to a Certified Financial Planner before you decide which to take, but in most cases, you’ll be better off taking the lump sum. Unless you blow it all in the first year. Even then, you could have one heck of a time.
When an actor earns say $25m for a movie, how is the payment made? Is it made in instalments or a lump sum upon completion of filming?
Producers pay actors via agents/managers based on contracts. It is typically paid in lump sums for the portion paid up front, but for backend points, is paid as the movie distributes funds to equity participants.
How do I invest a lump sum amount through MYCAMS. I am not able to find that option, and the payment is asking for a cancelled cheque copy. Where can I find the option to invest in lump sum?
You can invest any amount using myCams this way :Goto the Transact tab and select Invest New or Invest More depending on whether this is your first time investment in any particular fund or already invested earlier.Select the AMC and the scheme in which you want to invest and fill the rest of the details.In the amount field you can mention whatever lumpsum you want to invest.On final screen it asks for cancelled cheque for the verification of account details.Finally you can proceed to complete the payment and you are done.