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I am a federal employee age 50, next month, and will be retiring with 24 years service, special category. Part of my retirement consists of the TSP. I am seeking to withdraw on a monthly basis, but do not want to incur the IRS 10% penaly. The TSP offers monthly withdrawals calculated on life expectancy or a 'series of periodic' withdrawals if they will last over 10 years (TSP.gov Calculators). With the later, you can indicate an arbitrary monthly withdrawal amount, as long as it will last 10 years. TSP does not indicate if this method qualifies for the 72t exception. They referred me to the IRS.Can I do a 72t calculation of my own, say using the Amortization method, plug that monthly figure in as a monthly withdrawal (TSP Form 70) and claim it as a SEPP withdrawal on the IRS form 5329? The other question is that the TSP takes a while to process requests. So if I submit the TSP form 70 in early February, I may not start receiving monthly withdrawals until March or April. Would this be OK under the 72t as I would not be taking a full annual withdrawal in 2009. In 2010 I would based on an entire 12 month withdrawal. Also, if I submit my TSP 70 in February, what month Mid-Term Interest 120% calculation could I use ?In the end, would it just be better to roll over the TSP into an IRA, say with Vanguard, and start a SEPP with them?Thanks.Dave

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  1. Tonight, Ed and Jim will be covering a number of topics, including the status of the stretch IRA, tax tips as we get closer and closer to April 15th, and highlights of Ed’s most recent book, Ed Slott’s 2016 Retirement Decisions Guide. So, with that, let’s get started.
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In the IRA world, right or wrong, Ed Slott is seen as the IRA guru. My opinion is that much of that has to do with his own terrific marketing of his own image as an expert (which I can appreciate) and some of it has to do with the fact that he has some very good basic information on IRAs and some marketing tools/materials agents can use.

I got tired of the same question

Because my newsletters go out to nearly 300k advisors, I get several questions a day about various issues. The one that’s driven me to publish this newsletter is: Why is your opinion on Roth IRA conversion different than Ed Slott’s (and some IMOs who are touting it as a way to sell FIAs)?

Roth IRA conversions DO NOT work!

I’m not going to explain again in this newsletter why Roth IRA conversions do not work. I wrote a very detailed newsletter on it a few months ago that you can download by clicking here.

The conclusions from my newsletter that gives you the real-world math is that, not only do Roth IRA conversions not work, they really don’t work for the average person.

What did Ed say when I contacted him?

I wanted to give Ed the benefit of the doubt before I ran this newsletter. So I contacted him and asked him his opinion of Roth IRA conversions and told him my opinion (which is that they do not work to generate more after-tax income in retirement for the vast majority of people they are pitched to). I indicated to Ed that I created what I believe to be the only honest Roth conversion calculator in the industry and wondered if he wanted to discuss the numbers. I wanted to let him know that, if my numbers were not accurate from my previous newsletter, I will run a newsletter telling everyone so.

Here is the e-mail response I got from Ed after asking him his opinion on Roth IRA conversions (emphasis added):

Roccy,

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I received your message and email below. There are certainly numerous opinions on this critical issue.

I believe each case has to be evaluated on the facts and circumstances for that client. I also believe that the only sure way to have more savings for use in retirement or to pass on to loved ones is to have those funds be income tax free when you need them most. The Roth IRA accomplishes that. You cannot beat a zero percent tax rate.

Ed Slott

I couldn’t believe the above is what he wrote back to me. I was expecting something of substance. Quoting from my e-mail back to Ed, I wrote (emphasis added):

I really can’t believe you want me to quote from your e-mail below. A facts and circumstances equivocating response is, in my opinion, not going to make you look like a guru; it’s going to make you look like someone who’s trying to avoid giving an answer or someone who doesn’t know the answer.

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Is it possible Ed just didn’t have the time to explain his position to me and blew me off? I suppose, but I made it very clear that an industry newsletter was going out to nearly 100k advisors on this issue.

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My opinion of his response is that Ed really has not run the “real-world math” on Roth IRA conversions. If that is the case, it’s too bad for the hundreds if not thousands of advisors who look to him as the expert.

It is inexcusable for any IRA “guru” to be telling people that you “can’t beat a zero percent tax rate” with a Roth and leaving that as the answer for whether or not a Roth IRA conversion works.

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The fact of the matter is that Roth IRA conversions DO NOT work in virtually all real- world fact patterns and, therefore, you can beat a “zero percent tax rate” with a Roth by NOT converting it. The question then becomes: How does an advisor know for sure if a conversion makes sense? Simple─ run the numbers yourself.