Browsing: TSP withdrawal

Q. I entered federal government December 1980. Left federal government November 1998. Having 18.5 years total career tenure. Entered D.C. government June 2012 age 58. Now age 63 – five years of D.C. government. As far as retirement goes, given the facts, is my prior federal time with current D.C. government considered for retirement? If so how? If not, please explain. I need to know my options at retirement – what will my ending annuitant look like? Will the D.C. retirement office process my retirement along with the Office of Personnel Management? I withdrew from my TSP I believe $25,000.…

Q. I retire in a year with 37 civilian years total. I also will retire from the Reserves. I will be 56 and will start to draw my civ TSP in monthly payments. Does it make sense to combine my civ and mil TSP? Would it make more sense to draw my civ TSP and leave the mil TSP alone, just in case I needed to take a lump sum for an emergency?

A. I was looking for some information regarding VERA and what effects it will have on benefits including TSP. I heard that you cannot withdrawal from TSP until age 55 without penalty. I was also told when I called the TSP helpline that even with a VERA, if you leave before age 55, you cannot withdrawal from TSP until age 59½ to avoid penalty. Does anyone know if what I was told is correct? I find it hard to figure things out with the TSP publications available. And you never know if the person you spoke with really knows. Can you…

Q. I’ve been reading that the TSP is terrific for accumulating funds for retirement, but not so good when it comes time for withdrawal options when the time comes to tap my account. Do you agree with this? And would I be better off rolling over a portion of my TSP into a private IRA-type account so that I can more easily manage my account and withdrawals, for example, where the monthly distributions come from (because of the TSP proportional distribution rule, for example)?

Q. My mom retired from government services on Nov. 1 because of dementia. She just had a birthday and is now 65. The government is giving her the run around, saying she can’t withdraw and if she goes into a hospital the money returns to the government. She is trying to get her money because she is progressing fast with this illness. Who can we call or hire to look into this?

1 2 3 4 34