Q. I live in the state of Massachusetts and am receiving survivor annuity benefits. I am having taxes taken out of my benefits each month. Are benefits for federal CRS deceased employees’ spouses suppose to subject to taxes or are benefits tax free?
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,…
Q. I have been offered a U.S. Postal Service VERA and want to take the offer but can not live on just my annuity. How do I get to use my TSP before age 55 without taking a penalty? I have 31 years, all with USPS. I have money in my TSP but no other savings.
Q. I have a pension plan with a former company. I just received a notice from them that I can leave it in place to take when I reach retirement age or roll a lump sum payment in to another eligible retirement account (my TSP). I am a FERS employee and will retire at 62 (in 12 years). If I leave it in place to take after I retire, I estimate the amount to be about $450 a month. Should I leave it where it is or think about rolling it over in to my TSP where I am in…
Q. I receive a CSRS annuity only, I don’t have any other investments, i.e. TSP, IRAs or anything close. I turned 70 1/2 in 2017 and the required minimum distributions requirement is confusing. From what I’ve read the past couple of days, it appears that I don’t require any RMD for my situation. Can you clarify?
Q. I am 61 years of age and a CSRS annuitant for the past last seven years. My wife is also a CSRS annuitant (age 55). We are both in the L2020 fund. With our joint annuities we are financially whole. My question is, we are contemplating transferring 50 percent of my 2020 fund (approximately $150,000) and 50 percent of her L2020 fund (approximately $70,000) to the L2030 fund. We are both in good health. Please comment on the transfer proposal and the amounts.
Q. When I retire on December 31, 2018, I will have over 400 hours of combined compensatory time and annual leave. If I cash this in at retirement, I understand it may not be paid out until 1-2 months after retirement. As a result, will it be considered earned income for 2019 that will result in a reduction in my FERS annuity supplement for 2019?
Q. I’m 58 and considering retirement in the near future. I’ve got about $420,000 in my TSP and I’m leaning toward taking a TSP joint life annuity, since I’m retiring relatively early and might exhaust my TSP by taking regular monthly withdrawals. I know MetLife is a reputable and well-established company. Is there any federal protection or other kind of guarantee for annuitants in the event that MetLife becomes insolvent in the future?