Browsing: TSP withdrawal

Q. I am currently employed as a full-time career Senior Executive with 24 years of service and two years additional military service. In December 2018, I turned 70 years old; I’ll reach the 70 ½ mark in three months, in June 2019. According to the TSP document “Withdrawing Your TSP Account After Leaving Federal Service” {p 3, Limitations on Leaving your money in the TSP}, I don’t have to withdraw funds until April 1 of the year following the year I retire. However, I will be subject to the RMD because of my age. Because of the tax implications, I plan to…

Q. I separated from the U.S. Air Force on 12/31/2015 at the age of 53. I had a Uniformed Services TSP during the duration I was in the Air Force. On 01/01/2016 I took a job at the same overseas base and received a civilian TSP at that time. I worked that job until 12/31/2017 and left federal employee for full retirement at the age of 55. I am trying to find out if both the Uniformed Services TSP and the civilian TSP would be exempt from the 10 percent early withdrawal penalty since I stayed in federal service until…

Q. I’m 55 and a civilian employee. I’m retired Air Force, with a bit in my military TSP and a growing amount in my civilian TSP. I’ve just started converting all of my future TSP contributions to go to Roth, for one main reason: I plan to retire at age 62, and we’re going to take a lump-sum distribution of my TSP to purchase a house (won’t be eligible for a mortgage). The TSP balance at the time will be about $400,000 or so (hopefully closer to $500,000). I estimate that roughly 40-50 percent of it will be Traditional, and the rest Roth.…

Q. I am a retired U.S. Postal Service employee under the CSRS system. Upon retiring I took out a partial lump sum withdraw from my account. My retirement adviser informed me at the time that there was “talk” of allowing more than one lump sum withdraw from one’s Thrift Savings Plan account. Any updates or truth to these rumors? Incidentally, I am not yet receiving my annuity from my TSP account, just that initial lump sum payment upon retiring.

Q. If I retire from the U.S. Postal Service at the age of 56 years old with 31 years of service and have 440 hours annual leave and over 2,300 hours of sick leave, what three checks will I get? I know one is pension and one is supplement, but do I get anything from Social Security or the Thrift Savings Plan? And will I lose 5 percent every year until I’m 62?

Q. I retired in 2018, on Dec. 31, off the books with a buy out. I am 73 and have already been taking the required minimum distributions from a couple of other IRAs. I know I will be required to set up distributions or something with the TSP in and for 2019. Because I retired in 2018 and because I am 73, do I need to take a TSP distribution for the 2018 year before a point in April? And if yes, will that need to be reported as income for 2018 or income for 2019?

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