TSP withdrawal


Q. I plan to retire on Jan 1, 2016, with 35 years in the United States Postal Service. I want to make a partial withdrawal from my TSP to put into a savings account for emergencies. I also want to start monthly payments beginning in January 2016 to supplement my CSRS retirement check. What TSP forms will I need to complete? If I submit the monthly payments form by the December deadline, will the January 1, 2016, start of the monthly payments be effected by my retirement date of January 1, 2016?

A. You can file form TSP-77 to request a partial lump-sum withdrawal and then file form TSP-70 to request the monthly payments, or you can do both at the same time using form TSP-70. You’ll have to contact the TSP for guidance about their processing time, but I don’t believe that you can expect to retire on January 1 and receive your first TSP monthly payment the same day!


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

Leave A Reply