Q. I’m a Federal Technician (military employment required) employee age 55 with 37 years of service. I’m going to take a VERA and leave with 37 years 7 months on Aug. 31. I turn 56 in January 2015. I will receive a substantial military retirement check at age 60 and won’t need my TSP income at that point. I want to use my entire $113,000 TSP using a 72t starting at age 55 and going for 5 years until I’m 60. Can I use the entire TSP amount or will I be forced to only get the small payments using the life expectancy…
Author Mike Miles
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 considering a Roth Rollover from my TSP to my external Roth account…Due to my circumstance I will not incur a penalty nor will I have any tax liability. What, if any, other consequences should I consider in making this decision?
Q. I plan to retire soon and want to use the TSP annuity but I believe it will go up. Can I use monthly payments when I retire then purchase an annuity if the rate index goes up?
Q. TSP declares an unpaid loan at retirement as a taxable distribution. Participant is over 70 1/2. Does that taxable distribution satisfy the minimum distribution in the first year of retirement? Any research information is appreciated.
Q. DOB 8/24/43, retired , reach 70 1/2 in 2014, I believe that distributions need to begin in 2015, year following year of a 70 1/2 attainment. Is that correct? Distributions will be done automatically, if I do nothing, am I correct?
Q. Can the employee’s contributions and their associated gains fund balance within an already established traditional TSP account be converted to a Roth TSP account, meaning one could pay the taxes due and convert a specified amount from a traditional TSP account to a Roth TSP account?
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Q. When I first opened my TSP savings account back in the late 1990s, no one ever briefed me that there would be a specific retirement age attached to my account. I will be retiring in a year. I will have a total of 28 years of active federal military service. I will be 48 years of age at retirement. Will I have to pay a penalty to withdraw all of my money from the TSP? If I have to pay a penalty, what is it?
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”,”serif”;} Q. I am a federal employee with TSP and I am still working. My wife is retired and on disability. Can she transfer/rollover her employer-sponsored 401K funds to my TSP? If so, what are the restrictions/conditions? A. No.