Browsing: FERS

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. 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 read your “Best Dates to Retire” in 2017. While I did not retire in 2017, I am planning to retire in 2018. Based on everything that you recommended for 2017 retirement planning, I am using this as my guidance for 2018 retirement planning. I am a FERS status employee. I will have 26 years of FTE service as of August 3, 2018. I have a base of 240 hours carryover annual leave and 1,500 hours of sick leave. I intend to accrue my max leaves for both AL and SL. I will use my accrued AL toward a…

Q. Besides the $18,500 and $5,000 “catch-up” (if at least age 50) 2018 contribution maximums to the TSP 403(b), can one contribute money beyond these two amounts in the form of after-tax non-matched contributions? At the TSP website it states as follows for the “Annual Addition Limit” of $55,000 per IRC Section 415(c): “An additional limit imposed on the total amount of all contributions made on behalf of an employee in a calendar year. This limit is per employer and includes employee contributions (tax-deferred, after-tax, and tax-exempt), Agency/Service Automatic (1%) Contributions, and Matching Contributions. For 415(c) purposes, working for multiple Federal agencies or…

Q. I am 56 with 32.5 years of FERS service and am getting ready to go home to the family ranch. I have about $550,000 in the TSP and most in the granny G fund. I want to basically draw the earnings after I hang it up. So, if I want to draw, say, $1,400 a month, can I do that, and am I able to adjust the draw, say, once a year?

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. 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 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 4 5 6 7 8 18