Q. I recently submitted paperwork for a partial withdrawal of my TSP account (I am separated from federal service). I submitted this paperwork with guidance from a certified financial planner and after several phone calls to TSP. I wanted $240,000 rolled over into another retirement vehicle. TSP only sent them $112,000 — taxed the balance and sent me a check. When I called them they said their was nothing I could do now since the money had already been disbursed. I haven’t even received the check yet. What recourse do I have? I do not want to withdraw this money…
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 retiring at the end of January 2016 with 32 years in the work force. I’m turning 55 in February 2016. Can I take a TSP loan out in January 2016, not pay it back, but pay the taxes? Does this still conserve my partial withdrawal option down the road? I was told I would have to take a partial withdrawal in the year I turn 55 to avoid the penalty, but if I do that, I eliminate the option later, and the amount I need would bump into a higher tax bracket. I’d ultimately like to take…
Q. If I decide to begin receiving Social Security payments at 62 years old, which is approximately $1,760 per month, will I get the full amount of $2,454 per month when I reach the Social Security retirement age of 66?
Q. I’ve taken note of your leanings toward the TSP over external funds. It seems it is the G Fund that you are particularly fond of. Can you tell me the advantages of the G Fund?
Q. I retired from the USPS on Nov. 28, 2014. I was a FERS employee with 35 years of federal service and was 57 when I retired. I transferred my TSP to an IRA in May 2015, I was told that I could not withdraw from my TSP until I was 59 1/2 without paying a penalty. I figured why not move it to an IRA. After reading the many questions on your website and your answers I now realize that this was not true, since we are in late 2015, and the money was transferred in May. Is there a way to go back…
Q. When I reach 59½, can I withdraw my full TSP without a penalty if I still work my federal job until I reach 62?
Q. I resigned after 30 years in federal government. I’m 54 years old — would I be able to withdraw my TSP and still receive my monthly retirement when I reach my MRA of 56 years old?
Q. I am retiring at 62 with 41 years of federal service. I plan on leaving my TSP monies in my TSP account and taking a monthly withdraw. I’ve been told that if I pass away, my remaining TSP balance will be lost and not given to my wife who is the first beneficiary. Is that true?
Q. I have a big chunk of money in the TSP G Fund. Now that the interest rate hike is imminent, I need to find out a way to preserve the capital.
Q. I retired from 35 years of federal service about 3 1/2 years ago. Now I am 63 years old, and I have been receiving FERS retirement pension, Army Reserve pension and Social Security. I also have TSP of about 360,000. I do not need TSP right now; however, which fund in TSP should I keep my balance? Currently, I have G Fund, C Fund and I Fund.