Q. I am 86 years old and going to retire in 2018. I want to know how much will I have to take out of my TSP account each month? My wife is 18 years younger than me; can this be used to lessen my required funds that I must take when I retire?
Browsing: TSP withdrawal
Q. I have been offered a U.S. Postal Service VERA and want to take the offer but can not live on just my annuity. How do I get to use my TSP before age 55 without taking a penalty? I have 31 years, all with USPS. I have money in my TSP but no other savings.
Q. I have the opportunity for a one-time lump-sum payment from the Thrift Savings Plan. I have not started taking an annuity from TSP. I am wondering what are the benefits or hazards of taking a one-time lump-sum withdrawal vs. starting taking an annuity? Taxes are great for one-time lump-sum withdrawal, but would it be as painful as just starting my annuity? When is it a good time to take a one-time lump-sum withdrawal? I am thinking of a one-time withdrawal and not starting my annuity until next year.
Q. With the new tax law regulations making it not as beneficial to donate to charity due to not as many people itemizing their deductions, is it possible to directly move money from the TSP to a charity to avoid the tax and enhance the gift to the charity?
Q. I have a current loan that I am paying on in my TSP account. I am counting the days until I am 59 1/2 so I can make a withdrawal. Am I allowed only one lump sum withdrawal or, if I take a withdrawal while I am working, can I take another withdrawal when I retire in 4+ years? Is there a cap on the amount I can withdraw in my lump sum amount? Can I withdraw when I have a current loan with the intent of paying off the loan?
Q. I just opened a new Roth IRA because I thought I could rollover my TSP Roth funds to it. Now I am being told I cannot. I am retiring at the end of March and was hoping to have this resolved and only keep the traditional money in the TSP. Is this possible to do and, if so, how (forms?), etc?
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?