Q. I have 36 years of FERS service with retirement at MRA 56 and four months. If I wanted to take a partial withdrawal of TSP at retirement (early withdrawal, before 59.5), do I have to elect to do this immediately when I retire or could I wait a year and request this? A. You may wait as long as you like.
Browsing: TSP withdrawal
Q. I am going to separate from federal service on my MRA+10. I will be 56 with 25 years of service. Can I start taking money from my TSP at that time without penalty? A. Yes.
Q. I have a friend who resigned from civil service in 2004 (after 20+ years). He then took all his TSP fund, closed the account and rolled it over into an IRA. He will be 60 in 2014 and he heard that he might be able to collect a retirement pension from the federal government (GS-5) in 2016 when he is 62. Is he eligible for pension and is the retirement contributions and TSP the same? Since he took his TSP funding, will that make him ineligible to collect a pension? What is the retirement contribution?
Q. My job will end and I plan to retire Dec. 28. I am eligible for discontinued service retirement. At the time I submit my paperwork (approximately August/September of this year), I also plan to submit my request to withdraw a lump sum out of TSP and then set up monthly withdrawals. I will be one month short of my MRA which under Discontinued Service Retirement is not an issue except when I will be eligible to supplement all of this retirement income – FERS annuity/TSP withdrawals – with the special retirement supplement. Not a big deal … I can…
Q. I would like to take $3,000 monthly from my TSP when I retire for the first few years, then I start collecting Social Security can I reduce my monthly payment? Then later on change the monthly amount again? I thought I read I can change my TSP payment once a year, but have been hearing from others who have retired you only have a choice of lump sum, annuity, partial lump sum and the rest in monthly payments of your choice, but it stays the same for life.
Q. If I retire in December under MRA +10 and I’m 59 years old, how long do I have to wait to request a full withdrawal with monthly payments? Also, can I request the same day to take a partial lump-sum withdrawal, or do I have to do them separate?
Q. I saw your response to a TSP question about what happens to an account that is giving monthly payments (not annuity) when you die; payments stop and remaining funds go to the beneficiary. If your beneficiary (wife) also has a TSP account, are there any ways to transfer that to her TSP vs. lump payout if you die?
Q. I am under FERS and contribute the maximum amount into TSP. When I am eligible to retire (57-1/2), do I have to immediately start collecting out of my TSP once retired, or can I roll it over into another bank or institution into a 401K without penalty? And how does one receive payments if I can’t roll it over?
Q. I recently retired under CSRS. I am 57. I would like to take a partial withdrawal from my TSP. What penalties and taxes will I have to pay on the amount I withdraw. A. As long as you retired during or after the year in which you reached age 55, there will be no early withdrawal penalty due. There will be 20 percent mandatory withholding taken from your payment, however, unless you roll the money over directly to an IRA.
Q. I am an operations manager for the FAA covered under CSRS. I plan to retire Dec. 31, 2016, at the age of 55 with 34 years of service under the controller bill. Can I make a total withdrawal from my TSP in 2017 without paying the 10 percent early withdrawal penalty? A. Yes.