Q. I am a recent FERS retiree with 32 years of credited government service and retired at the minimum retirement age of 56 (I was born in 1959). I thought that I can withdraw my TSP at the MRA without incurring early withdrawal penalties. However, in reviewing my 2015 1099-R from TSP, box 7 indicates a (2), which I understand is an early distribution. Is this information correct?
Browsing: MRA – minimum retirement age
Q. I am thinking about retiring July 2016 at 56 years old. This is my minimum retirement age (MRA), but I will only have 28 years federal service. Will I be penalized if I start TSP withdrawals before age 59½?
Q. I will be eligible for MRA+10 in a few years. Can I take my TSP funds and roll them over into my traditional IRA account? If so, how would I do so?
Q. I turn 56 in February 2016. I plan to resign from the government, and, then, request and draw my retirement with federal health benefits when I reach my minimum retirement age at age 60. I was reading your post regarding FERS formula and saw this: You would only receive a refund of your retirement contributions if you resigned from the government and asked for one. If you did, you’d cancel all future entitlement to an annuity. I am “NOT” going to request a refund of my retirement contributions, but I am going to resign from the federal government. Will my resignation cancel all…
Q. I am 56 years old and meet my MRA with 31+ years of service for USPS. I’m looking at retiring in February 2016. I went to a retirement seminar, where I was told that I could request a one-time in-service withdrawal prior to separation. There would be 20 percent withholding for taxes. Form 75 states that I must be 59.5 for this to take place, or I could request a hardship withdrawal. If I can take a withdrawal, what form number is it, and where do I find it? Can I take this withdrawal? And what evidence is required to…
Q. My spouse and I are FERS employees and are considering retirement in the second half of 2016. I have 30+ years and meet age requirements. My spouse meets the MRA +10 requirement. In anticipation of retirement and to take advantage of tax considerations, we are considering applying 100 percent of our wages, starting with the first pay period 2016, until we reach 2016 maximum TSP and TSP catch-up limits. During this time we can live off our cash reserves. Is there a down side to using this approach from the perspective of the government matching our TSP contributions? And should we use this…
Q. I am 54 years old with 25 years as a civilian. I want to leave next year prior to my MRA+10. If I defer my pension for a few years, can I start taking money out of my TSP immediately upon leaving, or do I need to wait?
Q. You have answered a question of mine previously that when I reach MRA (age 56) with 36 years of service I will be able to withdraw TSP without an early withdrawal penalty. That’s fine, but I read a post about an individual who was under the firefighter/ law enforcement retirement criteria and would be subject to early withdrawal penalties up until age 59 ½. I’m a little confused; if I have met MRA but am under 59 ½ how do I not get a penalty and they do, when they have met the criteria for FF/LEO/ATC retirement?