Q: I am 45 years old, with 23 years of Federal Service. I have a target retirement age of 62. I have $90,000.00 in The Life Cycle Fund 2050. I just want to try and maximize my investment potential but I am not familiar with investing. Can you give me some advice or strategy going forward. Thanks.
Browsing: TSP contribution
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: What form do I need to cancel medicare part B, I do not get social security benefits. I get a CSRS pension. I have GEHA health insurance. Because I took out TSP savings my premium for medicare part B jumped to 246 dollars a month. I want to cancel.
Q. I am 39 years old, an officer of 14 years in the Marine Corps and married (she’s 37) with four beautiful children. I have a car payment worth $25,000 and don’t own a house or mortgage. I have spent the better part of the last six years paying off my student loans, which were more than $69,000. We are, thankfully, now in a position to begin investments, especially considering we have solid emergency savings established and very little consumer debt (the car is it and we don’t have credit card debt). I am considering starting the Roth TSP for myself and a Roth IRA for my…
Q. I still have my TSP account from when I was active duty. The wife and I are young enough to continue depositing from our monthly income. While active duty, deposits were made thru DFAS. Now I’m a civilian and working in the civilian (nongovernment) sector, how do I set up a monthly bank to TSP deposit? Or is this now impossible?
Q. I had 50 percent of my TSP in the G Fund and the other 50 percent in the C Fund. Back in 2014, I lost about $17,000. In the past week I have lost about $8,000. My plan is to retire in January 2017 (I will reach my full retirement in December 2016). I recently changed my contribution to 60 percent to the G Fund and 40 percent to the C Fund. I’m considering just putting everything in the G Fund. It’s very important that I have as much money in my TSP as possible. If I lose a significant amount this year I…
Q. From private industry, I have both a traditional and Roth IRA. As a govt civil servant, I contribute to my TSP. Instead of putting catch up contributions into my TSP, can I place the catch up contribution to my Individual IRA?
Q: I’m retired as of May 31 2015. In July 2015 I transferred most of my TSP account into an IRA (UBS financial). Since I still have a TSP account, can I move the IRA money back into my TSP account? If so, can it be done this year? I heard I would have to wait 2 years before I could do that (so says a TSP representative). Would you agree with the rep on the 2 year wait? Any more info on this subject would be appreciated.
Q. I have reached the age where I can withdrawal my TSP without penalty, but must pay federal tax on it. Do I have to pay federal taxes if I gift it to my 18 year old son or would he pay the taxes on it?
Q. I moved my funds to the F, I, S, and C funds recently and am continuing to lose money. Wondering how I might reallocate or if I just need to wait a while to see if I recoup my funds. Can you help? I am near retirement so I was probably not being cautious enough.