Q. I plan to retire on Jan 1, 2016, with 35 years in the United States Postal Service. I want to make a partial withdrawal from my TSP to put into a savings account for emergencies. I also want to start monthly payments beginning in January 2016 to supplement my CSRS retirement check. What TSP forms will I need to complete? If I submit the monthly payments form by the December deadline, will the January 1, 2016, start of the monthly payments be effected by my retirement date of January 1, 2016?
Browsing: TSP withdrawal
Q. I have recently retired from the government at age 62. My TSP took a hit in 2014. I had to take a loan in 2014 and will not be paying it back. It’s about $20,000, and I’m aware that I’ll have to pay taxes on this (I believe 20%, but I may be wrong). Due to unforeseen tragedies and life circumstances, I am in dire straits financially. I left federal service because there was no possibility for advancement or earning more income there. The income I get from my retirement annuity combined with my Social Security annuity equals more than what…
Q. I understand I can change the amount of monthly withdrawals with TSP once a year. Is this true?
Q. I will be retiring from federal civil service in a few years at the age of 71, and I have 2 rollover IRAs from previous employers, plus my current TSP. When I retire, the TSP will be used for G Fund investments only, with equity investments in the IRAs. My TSP balance is not large since I began federal service as a second career. I would like to keep my 2 IRAs fully invested and use the TSP G Fund to fund all my annual RMDs each April based on the calculated total of all three of those tax deferred sources. I…
Q. I am 62 and plan on retiring in the next few months. My goal is to have $4000 per month after taxes in retirement income. My FERS annuity and Social Security get me to about $4100, pre-tax. I have $350,000 in my TSP. I figure that if I can take out a partial withdrawal of $50,000 for emergency funds and liquidity purposes, stay invested in the G Fund with the remainder, take equal monthly payments of $1300 and meet my post-tax income goal, then my TSP should last at least until I’m 87, when I don’t expect to need it…
Q. I am retiring at the end of December and wish to start a partial monthly withdrawal of my TSP. Can I set aside an amount for the monthly withdrawal and leave a balance in the TSP to take as a final withdrawal at a later date? Can the amount of the final withdrawal be rolled into an IRA at that time? Which form do I use to start the monthly withdrawal process? Do I wait until I am officially retired before I file the form and how long does it take for the payments to start?
Q. I am on CSRS,over 59 1/2 years old, and thinking of withdrawing my TSP and putting it in a personal account. If, for example, I have $50,000 to withdraw, and there is a 20% tax penalty, as I understand it, this means I receive $40,000. Now, is $50,000 added to my income for tax purposes, or is $40,000 added to it? If it is $50,000, can I include the 20 percent penalty as tax deducted from my income on my tax return?
Q. I am 55 years old and will have 30 years service in the USPS as of February 2016. I’d like to continue to work, but take an in-service withdrawal now to purchase an investment property. My total TSP is about $175,000. Can I do this?
Q. I turned 70 ½ this past April. I want to withdraw the minimum required before the end of this year to avoid getting taxed more next year. How do I request this?
Q. Is the 10% penalty for early withdrawal waived if the money is used to repay a debt to the government?