Q. I regrettably moved all of my TSP savings to the G fund in 2013. Should I put all or some back into an L fund or other fund now? I am within 3-5 years from retirement.
Browsing: TSP withdrawal
Q. I am planning to separate from the U.S. Postal Service and would prefer a full withdrawal of my TSP balance. I have an outstanding loan that I cannot pay off and would prefer to just pay the taxes and any penalty. Do I have to wait the full 90 days for this loan to go into default, or can I request that an immediate taxable distribution be declared and have the loan closed? When the loan is closed, do I need to pay the taxes/penalties then or would I just declare them when I file my taxes at year…
Q. My wife and I are both 56-year-old retiring U.S. Postal Service FERS employees with over 30 years service. We each want to take a small lump withdrawal from our TSP and also receive monthly payments (not based on life expectancy). Will we be subject to an additional 10 percent penalty tax?
Q. My spouse is a U.S. Marshal retiring at age 51 with 28 years of service retiring next month. The question he has had a hard time getting answers to is transferring his TSP to an IRA and receiving monthly payments. He would like to transfer his TSP to an IRA to maximize his investment options, but is concerned if he takes immediate withdrawals that he will be forced to pay a penalty in addition to taxes. Is TSP the only option to taking immediate withdrawals before age 59.5? Can immediate withdrawals at 51 be made at firms such as…
Q. I am 56 with 32.5 years of FERS service and am getting ready to go home to the family ranch. I have about $550,000 in the TSP and most in the granny G fund. I want to basically draw the earnings after I hang it up. So, if I want to draw, say, $1,400 a month, can I do that, and am I able to adjust the draw, say, once a year?
Q. I was wondering if I would have to pay the 10 percent penalty to make a partial withdrawal from my TSP to pay off my mortgage. I’ll be 56 years old with 32 years of federal service when I retire.
Q. I am currently a CSRS employee with 37 years of service. I plan on retiring in two years and would like to make a withdrawal from my TSP to pay off the remaining balance on my child’s college tuition and possibly pay off a few other debts to be able to retire without debt. Is there any advantage to, or advice you can give on making a lump sum withdrawal and pay off the debts immediately versus a monthly withdrawal covering the debt amounts until the debts are paid off?
Q. Can I separate the federal service at 45 years of age (firefighter) with 20 years of creditable service (+4 years military by back) totaling 24 years of service. Then later apply to draw my FERS firefighter retirement of 38 percent when I reach the eligible firefighter retirement age of 50? Would I still receive my Social Security supplement and Thrift Savings Plan benefits without penalties?
Q. I have been out on workers’ compensation since 2010 and am now in a dire financial situation. From reading some of the rules from the Thrift Savings Plan handbook, it says that I have to be separated in order to withdraw part or all money from my account. Would I be able to withdraw a portion while receiving workers’ compensation benefits?
Q. I am a federal air technician with the Air National Guard. I have been a federal full-time technician since June 10, 1991. I bought back my Air Force active duty time from 10 Dec 86 – 9 Mar 91. I am in FERS and have a minimum retirement age of 56 years and 2 months. I will be 53 next year. It has been communicated to me that I will probably not be retained next year, meaning that May 13, 2019, I will be involuntarily retired, thus losing my full (technician) and part-time (traditional Guard) employment. I will be four months shy…