Browsing: TSP withdrawal

Q. I’m a federal employee under FERS with a little bit of 11 years of service. I retired active-duty Army, receiving retirement active-duty annuity and disability pay from the Veterans Health Administration. I have no loans through TSP and will have a balance of about $95,000 when I intend to retire in June of this year at my minimum retirement age of 56. I intend to depend significantly upon TSP, $1,000 plus a month, until I reach the age of 62, when my Social Security will start paying out. What would be the consequences of beginning receiving monthly payments prior…

Q. I am 38 years old with nine years of federal service and approximately $100,000 in my TSP. I am considering leaving the federal government within the next year and I am not exactly clear on what my options are. I understand that I can either leave the money in the TSP or withdraw it, but my wife and I intend to move back home to southeast Virginia. I have been considering taking approximately $20,000 and putting it toward a down payment on a house and putting the balance in a Vanguard IRA. I don’t know if this is this…

Q. I am a FERS employee with 33 years of service and will be eligible to retire at the end of the year when I turn 56. Upon retirement, I would like to keep my 401(k) money in my TSP account, but would like to take out approximately 4 percent per year in monthly payments. Would this be subject to the 10 percent IRS penalty for withdrawals before age 59 1/2?

Q. I plan to retire in September 2018 at the age of 58. Does it make sense to withdraw the max amount from TSP annually and remain in the 12 percent tax bracket or just take the minimum I need and pay more on taxes when I turn 70 and start drawing Social Security and required minimum distribution? If I choose option 1, I would probably invest the extra somewhere.

Q. I am a separated federal employee, not of age and I am on Office of Workers’ Compensation Programs federal disability. I’m going to do a TSP early withdrawal. I have a few questions that I could not find while researching my options:  1)  Being on federal disability, can I even apply for financial hardship withdrawal? 2)  What is the difference (if any) between financial hardship withdrawal & early partial withdrawal? Is there any benefit filing one or the other? 3)  At the end of the year I know I’ll have a 1099 and there is a 10 percent penalty.…

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