Q. I separated from the U.S. Air Force on 12/31/2015 at the age of 53. I had a Uniformed Services TSP during the duration I was in the Air Force. On 01/01/2016 I took a job at the same overseas base and received a civilian TSP at that time. I worked that job until 12/31/2017 and left federal employee for full retirement at the age of 55. I am trying to find out if both the Uniformed Services TSP and the civilian TSP would be exempt from the 10 percent early withdrawal penalty since I stayed in federal service until…
Q. I retired before the Roth TSP program was put into place. Can I now convert my TSP account into a Roth TSP account? If not now, how about after changes to withdrawals from TSP are put into effect this year?
Q. I accepted the VERA/VISP offer from my agency in 2017 when I was 54 years old. I will turn 56 in one month. Would I be subject to the 10 percent penalty if I withdraw funds from my TSP account? Are there any other options for me to withdraw funds before reaching the age of 59.5?
Q. I am a retired U.S. Postal Service employee under the CSRS system. Upon retiring I took out a partial lump sum withdraw from my account. My retirement adviser informed me at the time that there was “talk” of allowing more than one lump sum withdraw from one’s Thrift Savings Plan account. Any updates or truth to these rumors? Incidentally, I am not yet receiving my annuity from my TSP account, just that initial lump sum payment upon retiring.
Q. If I retire from the U.S. Postal Service at the age of 56 years old with 31 years of service and have 440 hours annual leave and over 2,300 hours of sick leave, what three checks will I get? I know one is pension and one is supplement, but do I get anything from Social Security or the Thrift Savings Plan? And will I lose 5 percent every year until I’m 62?
Q. I retired in 2018, on Dec. 31, off the books with a buy out. I am 73 and have already been taking the required minimum distributions from a couple of other IRAs. I know I will be required to set up distributions or something with the TSP in and for 2019. Because I retired in 2018 and because I am 73, do I need to take a TSP distribution for the 2018 year before a point in April? And if yes, will that need to be reported as income for 2018 or income for 2019?
Q. I plan to retire at my MRA, which is 57 with 30 years of service. I plan to start withdrawals of my TSP to supplement my FERS retirement and FERS supplement at that time. Will my TSP withdrawals be subject to an earnings test and impact the amount I receive for my FERS supplement?
Q. I’m currently 31 and have 8 ½ years of government service. I’d like to retire as soon as possible, so what is the most practical course of action if you were in my shoes? Working to MRA of 57 (37 years of service), assuming the annuity is enough to support me in retirement, or waiting until 59 ½ to be able to collect the annuity and TSP payments? Or resigning at an earlier age?
Q. I am a federal employee under CSRS, eligible to retire with max benefits in 2024 (41 years and 11 months) at the age of 60. My TSP distribution is 50 percent L 2020, 15 percent C fund, 15 percent S and 15 percent I funds. At the close of 2018 my balance was $340,295, which reflects a loss of $47,753. Should I move everything to the L Fund?