Q. I am separating from the U.S. Postal Service at age 58. If I take monthly payments of $1,400, will I still be taxed?
Author Mike Miles
Q. I work for the Federal Bureau of Prisons and will be eligible to retire at 48 years old, with 25 years in federal law enforcement. I am familiar with the IRS additional 10 percent tax penalty for early withdrawals and some of the exceptions. I was curious to know if you could elaborate on the options that could possibly pertain to my situation?
Q. When I separate from service I don’t want to do anything with my Thrift Savings Plan funds until required minimum distributions are required at age 71.5. What form do I use to let the TSP know my intentions, and when would I file it?
Q. I’m a federal employee under FERS with a little bit of 11 years of service. I retired active-duty Army, receiving retirement active-duty annuity and disability pay from the Veterans Health Administration. I have no loans through TSP and will have a balance of about $95,000 when I intend to retire in June of this year at my minimum retirement age of 56. I intend to depend significantly upon TSP, $1,000 plus a month, until I reach the age of 62, when my Social Security will start paying out. What would be the consequences of beginning receiving monthly payments prior…
Q. I am 59 years old, make approximately $90,000 a year and contribute $600 a month to TSP with my employer matching 5 percent. I will retire at age 64 and currently have about $250,000 in TSP with 70 percent in the G Fund, 15 percent in the S Fund and 15 percent in the C Fund. Because I am within five years of retirement, I don’t want to be too risky, but I do want to earn the most with my money. Do you think I am putting enough into TSP, taking too much of a risk, or am…
Q. I am 38 years old with nine years of federal service and approximately $100,000 in my TSP. I am considering leaving the federal government within the next year and I am not exactly clear on what my options are. I understand that I can either leave the money in the TSP or withdraw it, but my wife and I intend to move back home to southeast Virginia. I have been considering taking approximately $20,000 and putting it toward a down payment on a house and putting the balance in a Vanguard IRA. I don’t know if this is this…
Q. I am a CSRS annuitant, retired four years ago. My wife will turn 62 this year and we’re debating if she should file at 62. Should she die before me, am I eligible to receive any of her Social Security benefits?
Q. I have been hearing rumors that the special retirement supplement can be extended beyond 62 as long as I do not take Social Security. Is this true? If so, who do we contact and is there a form we need to fill out?
Q. I’m 68, about to retire from the U.S. Postal Service and have $260,000 in the TSP. Trying to choose between a rollover to Edward Jones or keeping in the TSP. I know the fees are high at EJ, but the personal contact is reassuring, and my track record isn’t very good managing my account in the TSP. Advice?