Q. I’ve settled a case against the government and would like to apply some of the proceeds into my TSP account. I’m over 50. Other than making a “make up” contribution, can I use 415c to make an additional annual contribution that is the difference between $54,000 less my elective deferral, matching contributions, etc?
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. When my husband, a federal employee who carried the FEHB, died, I continued his FEHB for myself, paying monthly premiums. I signed up for Medicare Part A about six months ago. I am also a federal employee, plan to retire this year and will continue paying my husband’s FEHB premiums so I will have coverage in addition to my Medicare Part A. My question is: Do I need to purchase Medicare Part B now or when I retire, or not at all?
Q. I am a single/divorced female, 58 years old, and I have 38 years of federal civilian service. I retired December 30, 2017, with a small outstanding TSP loan balance – less than $900. I have about $55,000 in my TSP. I had previously left the federal service (eight years ago) and used my TSP balance earlier in my career. When I reentered the federal civil service I reinvested in TSP and currently have a balance amount of $55,000. I’m considering requesting the full amount of my balance. Will I be penalized if I do not pay this small loan back…
Q. I’m at my MRA (56 years old/35-plus years service time). I have a TSP loan balance of $30,000. How much is the tax if I retire and let the IRS penalize me?
Q. I’m a federal employee for 18 years and have been contributing to TSP for the last 17 years. My financial advisor wants me to spread my current funds by a dollar amount. I only see how to spread my money by percentages. Is there a way to do it by dollar amount?
Q. I just retired from the U.S. Postal Service as a FERS employee at 56 years of age. I have two outstanding loans against the TSP. My question is that if I elect not to pay them off within the 90 days and pay the tax on it for 2018, would that count as earned income against the $17,400 I am allowed to earn before being penalized on my Social Security supplement bridge? I am guessing that I would only be penalized 10 percent for early withdrawal in which case it still might be best for me to pay it off as…
Q. I retired from the United States Postal Service at 65 and have a one-time/full withdrawal of my TSP that has a withholding of 20 percent. Is the amount I received still subject to tax for next year’s return and how much?
Q. Do you generally recommend fixed-dollar, life-expectancy or annuity payments when taking monthly payments in retirement from TSP?
Q. I’m a 65-year-old retiree under CSRS, have about $175,000 in TSP and do not plan on withdrawing from TSP until age 70. As a conservative investor, I currently have money in the G, C and I Funds hoping to have some money in a safer fund and some in which I can see a better return. With the current market downturn and the future predictions, I’m unsure where I should be investing. I don’t want to put everything in the G Fund, but I don’t want to put too much of my money at too high a risk. Any…
Q. I turned 70 ½ years old in December 2017. I retired Jan 31, 2018. I am just in the process of applying to withdraw my first Required Minimum Distribution from my Thrift Savings Plan, and decide in a few months what to do with the rest of the money. How can I show that is my intention, if the form I am given to fill up is the TSP-70 (Request for Full Withdrawal)? Also, I have already done a one-time withdrawal in 2013 from my TSP account. Now that I am retired, after I am issued the first RMD,…