Browsing: retirement

Q. I’ve been working and contributing to Social Security since age 13. I turn 62 in December 2016. I have a full military retirement of 20 years with 40 percent disability (soon to be increased), and I’ve got 20 years in the U.S. Postal Service — paying into Social Security the entire time for both government jobs. Does the windfall act apply to me? If it does, how so? If I were to turn down my USPS retirement, how would that affect Social Security if the windfall does apply to me?

Q. My start date with the U.S. Postal Service was December 1986. This is my 30th year. I am now 58 years old. I also worked prior to USPS and have more than 40 quarters in with Social Security. I am under the FERS system and understand that my contribution to TSP will factor into my annuity. I know nothing about USPS retirement and have heard words like “windfall elimination offset” and that I cannot get Social Security that was earned before the USPS. How can I find out when is the best time I should retire for maximum benefit and what would my actual…

Q. I turned 65 last October and was under the impression that I had to sign up for Medicare. I am a retired Federal Aviation Administration employee with Blue Cross Blue Shield health insurance. I have three prescriptions and a regular, semi-annual medical exam. With BCBS I pay $25 co-pay for each office visit. My co-pay for my quarterly prescriptions with only BCBS is around $22. I am paying $365 every quarter for medicare and it eliminates my semi-annual co-pay for physical exams and reduces my quarterly prescription co-pay to $5 — so roughly $200 in routine medical expenses with BCBS and…

Q. I am a FERS employee and will be 61 in July 2016. Will I still lose 5 percent a year for every year I am under 62? I currently have 25 years and 4 months of service.

Q. I am 69 years old and will be 70 in November. I haven’t received notice that I have to withdraw money — or how much for that matter — from my TSP. I am still working as a military civilian, and I don’t plan to retire anytime soon, as my TSP only has $54,000 — not enough to retire on. When I receive notice after my 70th birthday, will it be before the end of 2016 when I turn 70? Should I plan to begin the withdrawals before the end of 2016? And with my Social Security, I am now in the 25…

Q: I have a question about the limited withdrawal options in the TSP.  I’m 58 and retired with an early-out from the Postal Service.  I took out a few thousand to get my retirement started and I’m leaving the balance in until I reach 62 1/2.  My main reason for this is the low fees of the TSP.  The snag is that I’d like to make further withdrawals for certain investments, side businesses, etc.  Not a lot, of course, as I would never stupidly blow through my retirement, but the TSP has their second withdrawal as an ‘all or nothing’ option…

You may have heard of the “4 percent rule” or one of a variety of its variants. Whether it’s the 4-percent rule, the 4.5 percent rule, the 3.14159 percent rule, or any other version of this legendary piece of retirement planning wisdom, the basic premise is the same. This rule is supposed tell you how much you can safely withdraw from your savings and investment portfolio in retirement without risking running out of money before you run out of life. The problem with the 4-percent rule, and the reason that I am writing about it here, is that it’s unreliable…

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