Q&A Episode | How Do I Maximize TSP and Airline 401k?

Pilot Money Podcast

In this Q&A episode of the Pilot Money Podcast, host Timothy P. Pope, CFP® tackles retirement planning questions from listeners. This episode is a Q&A session where Tim addresses questions about optimizing retirement contributions across multiple employer plans and how to best handle bonuses. Join Tim as he explores the intricacies of managing 401(k) contributions and TSP accounts simultaneously, illustrating how pilots can effectively strategize their retirement savings to maximize benefits. The discussions provide clarity on contribution limits, the impact of dual employment on retirement strategies, and the advantages of understanding the IRS guidelines on combined contribution limits.

What You'll learn from this episode:

• How one pilot may maximize bonuses to help with financial flexibility.
• Understanding Dual Employer Contribution Limits: Tim explains the annual additions limit and how it applies across multiple employment scenarios, including airline and military flying.
• Strategic Contribution Planning: Insights into balancing contributions between airline 401(k)s and TSP to fully leverage matching benefits.
• Navigating Complex IRS Rules: A breakdown of how contribution limits work when dealing with multiple retirement accounts to avoid costly penalties and maximize growth.
• Making the Most of Employer Contributions: Learn how to ensure you're getting the most out of employer matches and non-elective contributions.
• Planning for Future Flexibility: Discussion on using brokerage accounts and other financial vehicles to provide flexibility in an unpredictable aviation career.

The episode concludes with actionable tips and detailed examples to help pilots think about their retirement contributions effectively.

Resources:
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Disclosure:
Timothy Pope is a Certified Financial Planner™ offering securities and insurance products offered through Cetera Investment Services LLC, member FINRA, SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Tim’s Branch Office is located at 5200 77 Center Drive, Suite 330, Charlotte, NC 28217. The branch phone number is 704-717-8900.
The views depicted in this material are for information purposes only and are not necessarily those of Cetera Investment Advisers.
This Podcast is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.