Q. I should inherit my wife’s traditional IRA. Can a spouse who inherits a traditional IRA roll it over into their own TSP account?
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 am 59 years of age and will retire with 35 years of federal service (FERS) in five years. I have approx $250,000 in TSP. An advisor wants me to rollover $200,000 of my TSP funds into a fixed index annuity with ATHENE. He states if the market goes down it will not affect my monthly allotment. Why would I do this if TSP offers an annuity as well (single life) with lower overhead and surrender fees? In other words, is a fixed index annuity a better option than TSP’s single life annuity?
Q. I had an accident (on my time) this year. Since my injuries impede me from performing the type of physical work I used to do, they are not offering me light duty and my sick leave is almost depleted, so I may have to retire. I’m thinking of purchasing the basic single life annuity with MetLife. I’m 63 years old and have $140,000 in my TSP. I had been planning in putting more in my TSP til age 66, but without the option to continue work I need to decide. Is this the annuity that pays the most or…
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. I am planning on retiring at the end of December of this year at 56 years old with 35 years. If I get the Special Retirement Supplement till I turn 62, when would I would I start getting my Thrift Savings Plan?
Q. I work for the Department of Interior and 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 a 10 percent penalty for rolling over to an IRA. I am age 50, which is why I’m asking.
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?
Q. I am retired from the U.S. Postal Service. I have a Roth, TSP, some old brokerage accounts and too much cash. I’ve been trying to find a fee-only advisor, but the offered services are far more that I want to start out with; I only want advice on re-positioning my investments for today. Do you have any suggestions?
Q. I retired at age 62 with over $400,000 in my TSP account. I made a lump sum withdrawal in the amount of $120,000 to an annuity IRA account with Pacific Life through Edward Jones, which pays $500 for life and the account balance will never drop below the yearly gain (which holds its value at the account anniversary). The account value is now over $130,000. Upon my death the remaining funds are distributed to my beneficiaries. My Edward Jones financial advisor is suggesting that I consider transferring my TSP balance to an account with Edward Jones. Since I made…