Browsing: annuity

Q. I am 53 years old and reached 30 years of government service earlier this month. I work for the Environmental Protection Agency and am preparing for the possibility of being offered VERA/VSIP. I am trying to determine if it is possible to make a partial withdrawal from my TSP under VERA. My thinking is that a partial withdrawal would enable me to, at a minimum, have funding to bridge me to the start of receiving the FERS supplement at my minimum retirement age of 56. The only thing that I’ve been able to find is that I have the option…

Q. I plan on retiring next August at 57 years old. I would like to buy an immediate annuity but do not want to buy the MetLife FERS annuity. Their interest rates for the annuity are extremely low compared to other annuities. When I retire at 57 years old, can I buy another annuity and avoid paying 20 percent upfront tax when buying that annuity? Also, can I get my payments without the 10 percent penalty for not being 59½?

Q. I’m a few years out from retirement but want to plan carefully for that day. A lot is written about earning money from outside sources (e.g., non-federal employment or self-employment) and how it affects Social Security benefits. What I want to know is if I retired today under the $15,480-allowed outside-income criteria, would my FERS annuity and any TSP income (either annuity or withdrawal) be included in that $15,480-income ceiling, or are they treated separately thereby allowing me to receive my full Social Security benefit, FERS annuity, TSP income and outside income together without reductions?

Q. I visited my Roth IRA ($20,000-plus) adviser for a one-year review a few days ago. She informed me it would be better to invest my $150,000-plus with Edward Jones instead of the mandatory MetLife annuity required by TSP. Do I earn interest on my annuity and can I raise my yearly payment, or even pick the dollar amount? Does MetLife provide this information so I can make a educated decision? What do you suggest?

Q. I am a federal employee who plans to retire with 30 years of service when I hit the 30-year mark in the year when I am 54 years old. Something that I have read that you talked about was that if I retire in the year when I am 55, then I can fully withdraw my TSP funds. I don’t become eligible to receive a retirement until I hit 56 years and two months. Will my early or deferred retirement allow or not allow me to take advantage of the “no tax penalty” rule that allows for full withdrawals when…

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