Browsing: FERS

Q. I will be eligible for retirement on July 7, 2017. I will be age 56 and have 30 years in. I came in under FERS. I’ve been told I would fall within the exception, meaning I would not be penalized an additional 10 percent if I take my money from my TSP before age 59½. As you know, when someone gets close to retirement, there are a lot of financial advisers showing up to guide you. The problem I have is they are telling me I can’t take my TSP until age 59½, and I know this is not true. Can…

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’m retiring at the end of May 2017 with 25 years of civil service under FERS. I’m considering maximizing my TSP contribution (15 percent equaling $18,000) and TSP-C contribution ($6,000) in 11 pay periods before retirement. What will be the amount of government matching?

Q. My husband and I are both FERS with law enforcement coverage. He is 52 years old but will be retiring soon because of terminal illness. He has a total of 31 years of federal time. I am 45 years old and just completed my 25th year of federal LEO coverage. I have no plans of retiring anytime soon. My husband will most likely dip into his TSP upon retirement. He has made me his beneficiary of his TSP. Whatever money is left in his TSP after he passes, how does that affect my beneficiary status? Does his TSP remain…

Q. I am a FERS employee planning to retire at age 60 in October 2017. I may use a one-time withdrawal option to withdraw some of the money (roughly 20 percent of the total ) from TSP to pay off some debt in 2017 before retiring and keep the remaining money as a pensionlike cushion (for years 2018 and 2019) until I reach age 62 and am eligible for Supplemental Security Income. Withdrawing and keeping the funds as cash in 2017 will add to my income and take me into a higher tax bracket . What options do I have to keep…

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