Browsing: retirement

Q. I’m retiring soon at 60 years of age and 30 years. I have TSP savings of about $600,000 in the L2020. My monthly retirement annuity before taxes is estimated at $3,971, which includes $1,414 in the Social Security supplement. My mortgage is $260,000 and I am paying $1,889 a month with a balloon payment due in 2022 for $244,380. The interest rate is 4.99 percent (as is the APR) with total interest percentage (TIP) of 32.9 percent. I need advice on whether to withdraw $260,000 from my TSP and pay off the mortgage or leave it. I’ll need to…

Q. I was recently talking with an investment group in preparation for retirement from the federal government in April 2020. I should have about 300 hours of annual leave accrued prior to retirement, consisting of my 240 hours allowable carryover plus what I earn prior to a retirement date of 04/30/2020. I was told that instead of taking a lump sum payment, I could direct the entire amount (minus federal tax) to my TSP account? Is this true, and how would I go about directing the lump sum payout to the TSP account?

Q. I had an accident (on my time) this year. Since my injuries impede me from performing the type of physical work I used to do, they are not offering me light duty and my sick leave is almost depleted, so I may have to retire. I’m thinking of purchasing the basic single life annuity with MetLife. I’m 63 years old and have $140,000 in my TSP. I had been planning in putting more in my TSP til age 66, but without the option to continue work I need to decide. Is this the annuity that pays the most or…

Q. I am thinking of applying for a VERA/VSIP my current federal employer is offering. I have a TSP loan with a balance of $25,500, which I am still paying. Can I still apply for this early retirement if I have a TSP loan balance? If so, how do I continue to pay that loan?

Q. I work for the Department of Interior and have accepted a VERA Early Out. I would like to take my whole TSP account and rollover to an IRA. Some say there is not a 10 percent penalty for simply rolling over to an IRA, and some say there will be a 10 percent penalty for rolling over to an IRA. I am age 50, which is why I’m asking.

Q. I am under the FERS system, age 57 with 30 years of service. I am eligible to retire but will probably work another two years and retire at 59. I know that you recommend leaving TSP untapped for as long as possible. If I do this, I would need to take Social Security at 62 to make ends meet. Is this a good strategy? Many financial planners recommend waiting as long as possible to draw Social Security, so I am not sure which strategy makes the most sense.

Q. I am employed by the federal government under the CSRS system, with 44 years of service. My ex-husband recently died in December 2017 and I am getting his Social Security benefits of $1,365 per month. If I retired at the end of December 2018 would I still continue to get his SSI benefits at that same amount or would they be drastically cut, or I may not even get any? My ex-husband never worked for the federal government; he was only a veteran. I only have 24 credits worked toward my SSI benefits.

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