Q. I worked for the United States Postal Service from 1978 through 2013. During that time I never paid Social Security. I am almost 58 years old. In 2013, I remarried, and my new wife has paid Social Security her entire life. She is six years younger than me. My only Social Security contributions came as a kid. And if I remember correctly I have about nine quarters earned. When I turn 62, am I eligible to receive dependent Social Security benefits? I did pay Medicare tax.
Author Mike Miles
Q. Can I save on taxes by reinvesting my complete withdrawal in paying off my mortgage?
Q. I’ve heard that if you have several years before you plan on withdrawing money from you TSP account, that you can invest in a stock fund (such as the C Fund). I have between nine to 11 years before retiring. I already have $400,000 in the L 2040. Would it be a safe bet for the next five years to invest in the C Fund?
Here’s a pop-quiz question for you: How many partial lump-sum withdrawals are you allowed to take from your Thrift Savings Plan account during your lifetime? Go ahead, write down your answer. Everyone knows that the answer is one, right? In fact, that is the stated limit in every TSP publication that I can remember seeing. This limit is also one of a number of common reasons that TSP participants decide to roll their account assets from the best retirement investment vehicle in the United States into an individual retirement account after retiring. But, while the TSP’s withdrawal restrictions are inconvenient,…
Q. I retired 20 years ago from federal service and left my TSP funds intact. Now approaching the age of 70½, what are my withdrawal options?
Q. I retired in February 2016 from the U.S. Postal Service. I want to withdraw a lump sum (about $130,000) from my Thrift Savings Plan to purchase a house. Would I lose my FERS Special Supplement?
Q. Can the TSP withhold state taxes? They are not doing that with my current distribution.
Q. In a FERS TSP divorce division, am I correct the formula is to subtract the years of marriage from years of service and compound interest? My spouse says compound interest must be subtracted, but the TSP office states there is no compound interest.
Q. I am a military technician and was told I’m under a special military technician early retirement 50/25 and will have 34 years of service, 4 years of which was active duty. I bought back my time and plan to retire in December. I will be 54 years old. If I start withdrawing from my TSP, will I be penalized 10 percent because I’m not 56 years old yet?
Q. I’m a young federal employee, about 30 years old, trying to plan for retirement. Some of the literature on saving out there sets goals, either in dollar amounts such as $130,000-$200,000 by 30 years old, or in terms of salary such as one year’s salary by 30 years old. I presume these are geared toward private sector employees who do not have a FERS component to their retirement planning. I understand FERS changes the numbers, but I’m not entirely clear on how to factor it into my retirement planning goals. Are there any similar guideposts for our TSP you…