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?
Browsing: TSP withdrawal
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…
Q. I am a retired Navy captain after 40 years of service. I read with great interest your article in the November 2017 issue of Federal Times titled “TSP Lump-Sum Withdrawal.” I currently have $391,811.74 in my TSP account as of 14 November 2017. On October 27, 2017, I had $392,954.73 in the TSP account. I have seen the amount of TSP goes up and down over the years. I need your advice if I should do a partial or lump-sum withdrawal. I had seen a Navy Federal Credit Union Financial adviser in the past and he was not good…
Q. I questioned a Thrift Savings Plan representative regarding the matched and unmatched funds from their agency, and they told me due to the fact that I withdrew my funds upon departure, I was not entitled to those contributions they made on my behalf. I thought the TSP funds, whether contributed by me and/or the funds, as well as the interest would be given to me after the vested time frame. How would I go about receiving those funds if they indeed are due to me?
Q. I’m 58 and considering retirement in the near future. I’ve got about $420,000 in my TSP and I’m leaning toward taking a TSP joint life annuity, since I’m retiring relatively early and might exhaust my TSP by taking regular monthly withdrawals. I know MetLife is a reputable and well-established company. Is there any federal protection or other kind of guarantee for annuitants in the event that MetLife becomes insolvent in the future?
Q. I am a 41-year-old active duty military member with 24 years of service, retiring in 15 months. I am debating whether or not to apply for a financial hardship withdrawal from my TSP. As all too common in the military, my family and I moved from our house in one location to our new duty station. The home in the first location did not sell, so we rented. When we had issues with two separate tenants, we had to pay our mortgage and our rent. This double payment quickly depleted our savings. When we moved back to the home,…
Q. I retired as an air traffic controller in 2013 with 28 years of service at the age of 48. I am looking at my options for TSP withdrawal. I am now 52 years old. Am I still limited to the Life Expectancy method or have the new rules changed options for me?
Q. I plan on retiring in December 2017. I have $450,000 in TSP. I would like to take out half to purchase a home. Does this make sense? The interest saved by no loan payments would be more than the amount of tax paid.