Q. I am in the FERS retirement plan with 30-plus years of service and a plan to retire at age 63 with 42 years of service. I have most of my TSP money in the traditional TSP, but have recently began putting all of my contributions and catch up contributions into ROTH TSP only. I would like to avoid required minimum distributions on my ROTH TSP funds when I retire by transferring this money out of the TSP system into a brokerage account. Is this possible?
Browsing: TSP withdrawal
Q. I began federal civil service 10/22/1983 and retired from the U.S. Department of Agriculture 5/13/2013 on an “early out” offer. For my nearly 30 years of service, I never left CSRS, paid Social Security, and qualified fully for CSRS Benefits at my retirement. I did, however, participate in the employee-only [no match from my agency] paid deduction that was an “option” for CSRS to build a THRIFT Saving Program that currently has an approximate current value of $235,000. I retired early and have been receiving monthly retirement benefits since 5/13/2013 [and thus a substantially reduced monthly benefit, but at my…
Q. I am a CSRS retiree. Is a lump sum withdrawal from my TSP considered as earned income? Will it effect my Medicare premium amount for the next year?
Q. Can you withdraw your TSP funds if you leave the federal government on disability retirement?
Q. I just retired under FERS at MRA and on an immediate retirement. As such I am curious about pending legislation that would broaden my TSP withdraw options. If I understand correctly, as written I have few choices currently: lump sum or monthly installments based on life expectancy. Neither option is appealing, as I may need more or less once I understand my financial situation in retirement. I was considering rolling over my balance to another institution so that I had more flexibility in terms of access to my savings. I hesitate because I heard that the TSP rules may…
Q. I’m retiring soon at 60 years of age and 30 years. I have TSP savings of about $600,000 in the L2020. My monthly retirement annuity before taxes is estimated at $3,971, which includes $1,414 in the Social Security supplement. My mortgage is $260,000 and I am paying $1,889 a month with a balloon payment due in 2022 for $244,380. The interest rate is 4.99 percent (as is the APR) with total interest percentage (TIP) of 32.9 percent. I need advice on whether to withdraw $260,000 from my TSP and pay off the mortgage or leave it. I’ll need to…
Q. I just read an article on IRS 72(t) and SEPP regarding withdrawal of funds from 401(k) (TSP) and IRA prior to age 59.5. I’ve never heard of this and haven’t seen it mentioned in your column either. Is there a specific amount of withdrawal I should be taking monthly according to IRS rules and calculations in order to avoid penalties? I retired at age 55 from the U.S. Postal Service on a VERA retirement (FERS) in March. I started withdrawal of TSP in May. Does this IRS 72(t) and SEPP apply to my situation? Will I be slapped with…
Q. I work for the Department of Interior and I have accepted a VERA Early Out. I would like to take my whole TSP account and rollover to an IRA. Some say there is not a 10 percent penalty for simply rolling over to an IRA and some say there will be one. I am age 50. I do understand if I make withdrawals from the IRA, they are subject to the 10 percent penalty.
Q. Are your TSP withdraws held against your Social Security supplement as income?
Q. I will be retiring in 2019 under FERS. I’m not a pick fan of annuities but I have read in the past that the MetLife annuity tied into the TSP plan is relatively a good annuity with low costs. I also understand that this MetLife annuity might get even better and easier with the changes now being put into place under the new TSP distribution changes. Can you comment on this specifically?