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EZE ago and everyone my name is dark IASI I'm the owner of a fast Financial Group and today's topic I want to discuss with you through savings plan withdrawals for retirement and what you essentially need to know to make sure that you're taking out withdraw rose properly when utilizing your through savings plan retirement dollars and also some different things that you could leverage out there to make sure that this is a more smooth transition keep providing lifetime income you know when you do hit that specific retirement age now what is the Thrift Savings Plan and kind of what happens at that later year for when you want to take away draw for retirement what are some of the common mistakes that are made what happens is an individual is placing contributions they're placing dollars into a type of retirement bucket known as their savings plan this is deemed a qualified retirement account through the government through the IRS meaning that all the contributions that this individual is placing into this bucket into essentially this plan is tax-deductible when it goes in and how it grows is going to grow tax-deferred but when it comes time to actually retire and pull this money out it's going to be fully taxable okay that's going to explain a lot of different qualified retirement accounts now what happens is the amount of money that's placed into this bucket that doesn't really distinguish whether this bucket is going to grow or become smaller at the end of the year at the end of the day what determines this growth of how large this bucket is going to grow is the amount of money that you're placing in end however well the interest that you're getting paid on this bucket is performing so what happens is this bucket is tied to a different mutual fund related options you might see this in your thrift savings plans you're going to see the different alpha on the G fund etc all these different funding options within this or savings plan, so it's the amount of money that this individual is placing in how well that that market is going to perform in that given day in that given year and that's what's going to determine the size of that bucket the size of that retirement bucket, so there is a risk associated there when someone's starting off with their job with their employment as a federal employee typically they could take a little more risk and have those mutual funds a little more risky than when they're nearing retirement now this video is meant for the individuals that's looking to take out withdrawals looking to take out retirement dollars, so you have to be very mindful that there's still a risk associated there when you're trying to look for to pull money from this account that's even further a risk than just leaving your money and thinking that it's going to be in a growth phase well what do I mean by that what happens is a many individuals matter many federal employees they become they fall victim to something known as reverse dollar cost...
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