Q. If I take the VERA at age 55, can I roll my Fidelity IRA into my TSP and take monthly payments for all of it starting at 55 without the 10 percent penalty? Also, what is the time lag typically from retirement to get your first FERS annuity payment and TSP monthly payment? In other words, how long would I be out of pocket when I retire until those payments kick in?
Browsing: early withdrawal penalty
Q. I began federal civil service 10/22/1983 and retired from the U.S. Department of Agriculture 5/13/2013 on an “early out” offer. For my nearly 30 years of service, I never left CSRS, paid Social Security, and qualified fully for CSRS Benefits at my retirement. I did, however, participate in the employee-only [no match from my agency] paid deduction that was an “option” for CSRS to build a THRIFT Saving Program that currently has an approximate current value of $235,000. I retired early and have been receiving monthly retirement benefits since 5/13/2013 [and thus a substantially reduced monthly benefit, but at my…
Q. I work for the Department of Interior and I have accepted a VERA Early Out. I would like to take my whole TSP account and rollover to an IRA. Some say there is not a 10 percent penalty for simply rolling over to an IRA and some say there will be one. I am age 50. I do understand if I make withdrawals from the IRA, they are subject to the 10 percent penalty.
Q. I work for the Department of Interior and have accepted a VERA Early Out. I would like to take my whole TSP account and rollover to an IRA. Some say there is not a 10 percent penalty for simply rolling over to an IRA, and some say there will be a 10 percent penalty for rolling over to an IRA. I am age 50, which is why I’m asking.
Q. I have been found disabled by the Social Security Administration (FERS claim is pending). Can I make a withdrawal from my TSP account without the 10 percent penalty? What documentation is needed? I am 52 with 26 years of service.
Q. My agency, Veterans Affairs, is firing many employees for performance under the VA accountability act. I have 28 years of service after buying back seven years of military service and am 49. Will I get non-reduced retirement and access to my TSP withdrawals if I am given involuntary separation due to performance?
Q. I am planning on retiring sometime after September 2019, which is when I know the TSP withdrawal rules are changing. I want to know if, after September 2019, I would be permitted to do the following: withdraw 20 percent of my balance to pay off outstanding bills; use 40 to 60 percent to purchase a Met Life annuity; and/or leave the balance in my TSP account invested in the L Fund that most closely corresponds to my life expectancy. (My intent would be to take actions one and two at the same time.)
Q. I am planning to retire in Jan 31, 2020. At that time I will be 56 years old with 33 years of service. I am planning to take a lump-sum payment and monthly withdrawals from my TSP account. Will I be penalized for withdrawing my TSP? If so, how much? How much tax do I have to pay? How long do I have to wait to receive a lump-sum payment from the TSP?