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 fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

Q. I am a retired U.S. Postal Service employee under the CSRS system. Upon retiring I took out a partial lump sum withdraw from my account. My retirement adviser informed me at the time that there was “talk” of allowing more than one lump sum withdraw from one’s Thrift Savings Plan account. Any updates or truth to these rumors? Incidentally, I am not yet receiving my annuity from my TSP account, just that initial lump sum payment upon retiring.

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?

Q. I retired in 2018, on Dec. 31, off the books with a buy out. I am 73 and have already been taking the required minimum distributions from a couple of other IRAs. I know I will be required to set up distributions or something with the TSP in and for 2019. Because I retired in 2018 and because I am 73, do I need to take a TSP distribution for the 2018 year before a point in April? And if yes, will that need to be reported as income for 2018 or income for 2019?

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