Q. I am a retired Navy captain after 40 years of service. I read with great interest your article in the November 2017 issue of Federal Times titled “TSP Lump-Sum Withdrawal.” I currently have $391,811.74 in my TSP account as of 14 November 2017. On October 27, 2017, I had $392,954.73 in the TSP account. I have seen the amount of TSP goes up and down over the years. I need your advice if I should do a partial or lump-sum withdrawal. I had seen a Navy Federal Credit Union Financial adviser in the past and he was not good…
Browsing: TSP withdrawal
Q. I questioned a Thrift Savings Plan representative regarding the matched and unmatched funds from their agency, and they told me due to the fact that I withdrew my funds upon departure, I was not entitled to those contributions they made on my behalf. I thought the TSP funds, whether contributed by me and/or the funds, as well as the interest would be given to me after the vested time frame. How would I go about receiving those funds if they indeed are due to me?
Q. I’m 58 and considering retirement in the near future. I’ve got about $420,000 in my TSP and I’m leaning toward taking a TSP joint life annuity, since I’m retiring relatively early and might exhaust my TSP by taking regular monthly withdrawals. I know MetLife is a reputable and well-established company. Is there any federal protection or other kind of guarantee for annuitants in the event that MetLife becomes insolvent in the future?
Q. I am a 41-year-old active duty military member with 24 years of service, retiring in 15 months. I am debating whether or not to apply for a financial hardship withdrawal from my TSP. As all too common in the military, my family and I moved from our house in one location to our new duty station. The home in the first location did not sell, so we rented. When we had issues with two separate tenants, we had to pay our mortgage and our rent. This double payment quickly depleted our savings. When we moved back to the home,…
Q. I retired as an air traffic controller in 2013 with 28 years of service at the age of 48. I am looking at my options for TSP withdrawal. I am now 52 years old. Am I still limited to the Life Expectancy method or have the new rules changed options for me?
Q. I plan on retiring in December 2017. I have $450,000 in TSP. I would like to take out half to purchase a home. Does this make sense? The interest saved by no loan payments would be more than the amount of tax paid.
Q. I plan on retiring at the end of 2019. At that time I will have over 30 years of service and be over my minimum retirement age (MRA) at 58 years old. My question is, if I meet the MRA and years of service requirement, can I withdraw from TSP prior to turning 59 1/2 without penalty?
Q. I retired under discontinued service retirement in 2015, however, I was under the minimum retirement age of 55. I have applied for disability retirement, which I’m still waiting for the Office of Personnel Management to approve. How long should I expect he process to take? Can I do anything to help speed up the process? I have been declared disabled by two physicians and provided all requested documentation to OPM. Separately, can I start making withdrawals from the TSP? Can I make multiple withdrawals as funds are needed? Can I take the option for equal monthly installments and then periodically…
Q. I hope to retire at the end of this year. I have 33 years in the U.S. Postal Service and will be 56. I understand there is no early penalty for TSP withdrawals for USPS employees. I live in New York. Is there a rule about withdrawing money from the TSP without an early penalty before 59½ years old?