Q. Upon retirement, I want to take a mixed withdrawal. I would like to take partial withdrawal ($50,000), sign up for monthly withdrawals, and possibly buy a TSP annuity. Is it possible to hold off buying the annuity when the interest rate is better? I was under the impression that one had to make and take all of these options up front. Otherwise, you lock yourself out of making/buying any other options TSP withdrawal has to offer. A. Once you begin a full withdrawal, you lose the option to buy a TSP annuity at a later date.
Browsing: TSP withdrawal
Q. I understand TSP withdrawals will be taxed as regular income come tax time. However, when one takes/chooses monthly TSP payments upon retirement, are taxes taken out of these payments? In other words, when I run the TSP calculator, understanding it is only an estimate, can I expect these payments to be lower due to taxes being taken out?
Q. I Have $400,000 in the TSP at age 53. I am out of the government and I want to start SEPP. I have run 72t computations with single life expectancy option at 31.4 years, and the fed mid-rate interest, no more than 120 percent (using 1.5 percent in the computation, to be conservative and stay out of trouble). No problem on the five year or 59-1/2 requirement. After consulting with a CPA for the SEPP, we’re almost good to go, except for one question. Does the TSP calculate my monthly SEPP payment? Can they be relied on to do…
Q. I will be 57 in June 2022, meeting the criteria of MRA +30 years creditable service. If I postpone retirement to age 62 for 1.1 percent multiplier, will I be able to access my TSP funds in the meantime; i.e. at age 57 until retirement at age 62? A. Once you’ve retired; yes.
Q. I’m 53 years young with 30 years of government service. I’m invested at 15% to TSP. Looking at my account, I feel I am not going to have enough money in my TSP to retire comfortably. I have 6.5 years till I can retire without penalty to TSP. What can I do to maximize my investment (or get the most bang for my buck)?
Q. Federal employee age 58, retiring with 30 years’ service and would like to take $109K from my non-Roth TSP to pay off mortgage. Besides Federal tax, would I also have to pay a 10 % penalty because I am not 59 1/2 years old? Would the federal withhold 20 % tor taxes or would it be more?
Q. I’ve looked through the various combinations of possibilities on your web page (very helpful, thank you), but have not seen my exact question answered. I am having financial difficulties. I am 57 years old with 20 years of service and don’t plan on retiring for at least 5 years. What I would like to do is take out a TSP loan, then when I turn 59 ½ take an age-based disbursement for enough to pay back the balance of the loan and have some money left over. Can I do it that way? Or would I be required to…
Q. I will be retiring on 01/02/2015. I am a CSRS employee and would like to put my unused annual leave lump sum payment into my TSP account when I receive it in calendar year 2015. My agency HR Representative told me there is a way to complete this transaction, but was unable to tell me how this process works. She directed me to TSP for assistance, but they could not help me. The TSP Representative stated I should engage a tax accountant to disposition my unused annual leave lump sum payment. Could you please clarify what is actually permitted?
Q. I am 57 with 20 years of service and don’t plan on retiring for at least 5 years. I would like to take out a TSP loan, then when I turn 59½ take an age-based disbursement for enough to pay back the balance of the loan and have some money left over. Can I do it that way? Or would I be required to pay off the loan before getting an age-based disbursement? I would think they would just deduct the amount of money I still owe from the disbursement. For example, say I took out a $50,000 loan…
Q. I have applied for FERS Disability Retirement and am 52 years old. To relocate my family, I will have a need for a withdrawal from my TSP. Will I be subject to the 10-percent penalty on early withdrawals, and how long would it normally take to receive my withdrawal?