Author Mike Miles

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 and view his blog at

Q. I am 53 years old and reached 30 years of government service earlier this month. I work for the Environmental Protection Agency and am preparing for the possibility of being offered VERA/VSIP. I am trying to determine if it is possible to make a partial withdrawal from my TSP under VERA. My thinking is that a partial withdrawal would enable me to, at a minimum, have funding to bridge me to the start of receiving the FERS supplement at my minimum retirement age of 56. The only thing that I’ve been able to find is that I have the option…

Q. I am retiring May 1. I want to pull some of my savings in TSP for a line of credit on my home to send my child through college (she graduates May 6) and to pay off the rest on my home so I will be secure as a single mom. I want to use the rest for an annuity. How much will taxes be for the withdrawal?

Q. I’d be interested to know your opinion on Dave Ramsey’s TSP advice of 60-80 percent going to the C Fund with the remainder split between the S and I funds. I know you always say without proper knowledge and analysis to select the closest L Fund to your life expectancy, but for young employees the closest fund (2050) for that only puts them in the mid-50s to 60s age range, which seems slightly conservative. Do you think his advice is too risky for youngsters hoping to be TSP millionaires?

Q. I’m retiring at 50 years of age after 22 years in federal law enforcement. I’m considering withdrawing all my TSP funds to a financial institution under a tax-exempt traditional IRA. I understand there’s no federal tax liability; however, I reside in the state of California. Is there a state tax liability for the withdrawal?

Q. I have recently retired from the U.S. Postal Service under CSRS. I had been contributing the maximum amount toward my TSP. When I left, I received my balance of annual leave in a lump payment. I am rolling my TSP over to a Fidelity account to have more choices with regard to withdrawal options. Since the money from annual leave pay is treated as earnings, can I place some of it in the IRA account?

Q. I retired in December 2015, but have not taken any money from TSP. I will need to in the near future. I would like to take some monthly payments to begin with, but at this time I am unsure how many years I would continue this. Let’s say my TSP has $200,000, and I begin monthly payments of $1,000 (assuming I will use $100,000 for this). At a later date, I decide to roll the other $100,000 into an IRA. Can I at a later date withdraw or roll the remainder of the $100,000 I was using for monthly payments…

Q. I am retiring July 29, 2017. I am covered under the FERS retirement system. I am 65 years old with 34-plus years of federal service. I plan on drawing regular payments from my TSP as part as my retirement. Will my wife still receive these payments should I die? She is 10 years younger than I am.

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