you must begin taking required minimum distributions (RMDs) at age 73. That applies to withdrawals from traditional IRA and 401(k) accounts as well as SIMPLE and SEP IRAs. (Roth account owners aren’t subject to RMDs.) The penalty for failing to take an RMD is from 10% to 25% of the...
The point of it all is that it’s never a bad thing to save. TSP or Roth- you just need to make sure you’re saving something for retirement. Both offer distinct advantages and, in some cases, disadvantages. Soldiers who have access to both a Roth IRA and TSP may benefit by first ...