Browsing: Social Security

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 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 worked for the United States Postal Service from 1978 through 2013. During that time I never paid Social Security. I am almost 58 years old. In 2013, I remarried, and my new wife has paid Social Security her entire life. She is six years younger than me. My only Social Security contributions came as a kid. And if I remember correctly I have about nine quarters earned. When I turn 62, am I eligible to receive dependent Social Security benefits? I did pay Medicare tax.

Q: I  plan to retire at age 73 under FERS when I will have a very small nest egg upwards of $100,000 in TSP.  I would like to leave that in the TSP in the long term. I understand that I have to take a withdrawal upon retirement; otherwise there is a penalty. I have been informed that I can take a withdrawal of $25 per month and still leave my money in TSP to accumulate there. Is this correct? I plan to save money from Social Security in the interim and may want to (if permitted) put that savings from…

Q. I am 62 and plan on retiring in the next few months. My goal is to have $4000 per month after taxes in retirement income. My FERS annuity and Social Security get me to about $4100, pre-tax. I have $350,000 in my TSP. I figure that if I can take out a partial withdrawal of $50,000 for emergency funds and liquidity purposes, stay invested in the G Fund with the remainder, take equal monthly payments of $1300 and meet my post-tax income goal, then my TSP should last at least until I’m 87, when I don’t expect to need it…

Q. I am eligible to retire under FERS in January 2016 — at age 56 with 36 years of continuous federal service — and begin drawing a pension. As such, I am able to withdraw from my TSP without incurring the early withdrawal penalty. I am also eligible for the Social Security supplement. If I retire from federal service, begin drawing my pension, and take a job with a private company or start my own business, I understand that I will lose the Social Security supplement if my gross income exceeds a certain threshold, but will I still be able to…