Q. It is permissible to roll over my Roth IRA from Fidelity into my Roth TSP account?
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 turned 70 on Sept. 1, 2016. I know that I will have to make a required minimum distribution (RMD) from my TSP account when I turn 70½. I made a partial withdrawal of about $15,000 in 2009. Would this count for an RMD, even though it was 7 years ago?
Q. Just got medically retired from the National Guard and was also retired from Defense Department technician service. I applied for a TSP loan while waiting for pension paperwork to be processed. I was denied because I’m no longer an employee. Is there an exception for retirees under 60?
Q. Are TSP withdrawals considered to be earned income for the purposes of means-testing Social Security or FERS supplemental benefits?
Q. I recently retired and would like to start taking monthly payments from my TSP account. Unfortunately, in 2013 I started putting a small portion of my contributions into the Roth option. This money will not pass the five-year test until 2018. There isn’t much money there, but I don’t want the hassle of figuring out the tax penalty and would prefer to grow the Roth in a separate account. I called TSP and got no help figuring out options. I read your solution about transferring almost all of the account out of the TSP, separating them, then transferring back the…
Q. If I take out $380,000 from my TPS upon retirement to pay off my mortgage, how much tax liability will I have? I will be 63½ years old, and have a total somewhere around $475,000 in my TPS account. Can I use these funds for a mortgage payoff?
Q. Regarding the Federal Long Term Care Insurance Program (FLTCIP), I had not thought about the lack of underwriting as a problem of being part of a pool of risky participants — at least for those of us who joined first. Do you think this is any more of a risk than our health care plans? Is the difference the number of participants rather than their level of health concerns? Can you elaborate on what it means that if you are protecting your own interests, you may be contributing to the demise of the program, and that what’s good for you may not…
Q. I’m 62 years old with 30-plus years of service. I am CSRS Offset. What are the benefits (or disadvantages) of taking Social Security now while still working?
Q. In what ways can one pay for long-term care without long-term care insurance?
Q. I had withdrew money from my TSP in 2013 and incurred a tax bill. I was told that you now can take a lump sum without penalties. Can you elaborate on this? Also, what can I do, if anything, if I have paid the taxes and penalties? I was FERS for my entire time with the government.