Browsing: early withdrawal penalty

Q. I am a single/divorced female, 58 years old, and I have 38 years of federal civilian service. I retired December 30, 2017, with a small outstanding TSP loan balance – less than $900. I have about $55,000 in my TSP. I had previously left the federal service (eight years ago) and used my TSP balance earlier in my career. When I reentered the federal civil service I reinvested in TSP and currently have a balance amount of $55,000. I’m considering requesting the full amount of my balance. Will I be penalized if I do not pay this small loan back…

Q. I just retired from the U.S. Postal Service as a FERS employee at 56 years of age. I have two outstanding loans against the TSP. My question is that if I elect not to pay them off within the 90 days and pay the tax on it for 2018, would that count as earned income against the $17,400 I am allowed to earn before being penalized on my Social Security supplement bridge? I am guessing that I would only be penalized 10 percent for early withdrawal in which case it still might be best for me to pay it off as…

Q. My spouse is a U.S. Marshal retiring at age 51 with 28 years of service retiring next month. The question he has had a hard time getting answers to is transferring his TSP to an IRA and receiving monthly payments. He would like to transfer his TSP to an IRA to maximize his investment options, but is concerned if he takes immediate withdrawals that he will be forced to pay a penalty in addition to taxes. Is TSP the only option to taking immediate withdrawals before age 59.5? Can immediate withdrawals at 51 be made at firms such as…

Q. Can I separate the federal service at 45 years of age (firefighter) with 20 years of creditable service (+4 years military by back) totaling 24 years of service. Then later apply to draw my FERS firefighter retirement of 38 percent when I reach the eligible firefighter retirement age of 50? Would I still receive my Social Security supplement and Thrift Savings Plan benefits without penalties?

Q. I have been out on workers’ compensation since 2010 and am now in a dire financial situation. From reading some of the rules from the Thrift Savings Plan handbook, it says that I have to be separated in order to withdraw part or all money from my account. Would I be able to withdraw a portion while receiving workers’ compensation benefits?

Q. I am a federal air technician with the Air National Guard. I have been a federal full-time technician since June 10, 1991. I bought back my Air Force active duty time from 10 Dec 86 – 9 Mar 91. I am in FERS and have a minimum retirement age of 56 years and 2 months. I will be 53 next year. It has been communicated to me that I will probably not be retained next year, meaning that May 13, 2019, I will be involuntarily retired, thus losing my full (technician) and part-time (traditional Guard) employment. I will be four months shy…

1 2 3 4 5 9