Retirement payouts

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Q. If I retire from the U.S. Postal Service at the age of 56 years old with 31 years of service and have 440 hours annual leave and over 2,300 hours of sick leave, what three checks will I get? I know one is pension and one is supplement, but do I get anything from Social Security or the Thrift Savings Plan? And will I lose 5 percent every year until I’m 62?

A. You will not automatically receive a check from the TSP. You must request a withdrawal using either form TSP-70 or TSP-77.

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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.

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