Browsing: TSP withdrawal

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 am a FERS employee and plan to retire next year when I turn 58 (with 33 years of service). I have a healthy TSP balance (approximately $1 million). I am married, and my husband will be in the workforce for at least eight more years. Upon retirement, I may withdraw 100 percent of the TSP funds and pay tax on it all next year. I would like to use the balance to pay off a mortgage on two rental homes I own with my husband ($330,000) and put aside another $100,000 in liquid cash for education for my…

Q. I have an outstanding balance of $24,000, and I’m retiring Sept 30. I’m told I will have to repay the loan within 90 days, or it will be treated as a disbursement. Will I have the option of asking it to be declared, say, Nov. 1? I want to keep it in this tax year and make estimated tax payments now.

Q. I’ll be turning 70½ in 2018 and will start withdrawing my required minimum distribution. My plan is to leave my funds with TSP, then receive the minimum monthly payment and the rest at the end of each year. I’m going to invest a small amount in a balance account. The rest of the money I would like to save for my family. Should I put it in a regular savings account to be safe, or would you suggest something different?

Q. I will be retiring from the U.S. Postal Service in September after 30 years. I started Roth deposits in my TSP in 2014. I know if I withdraw before five years (Jan. 1, 2019), the interest portion from the Roth part will be taxable along with the conventional part. If I withdraw monthly before Jan. 1, 2019, will the interest in the Roth portion become tax-exempt after Jan. 1, 2019, or do I have to wait until Jan. 1, 2019, to start withdrawals to keep the Roth portion tax-exempt later on?

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