Q. Are there any disadvantages in moving my TSP balance to another financial institution besides paying higher management fees? I’m concerned that I won’t have access to my funds on an intermittent basis if left in the TSP.
Browsing: TSP
Q. I am a U.S. Postal Service marketing employee under FERS. I plan to retire in 2021 at the age of 56 with 36 years of USPS employment. Will I be able to access my TSP account without penalty prior to age 59 ½?
Q: I am aware of the passage of H.R. 2146 (TSP bill) which allow those under the law enforcement retirement system to access their TSP at age 50 without incurring the IRS’ 10 percent penalty. I retired from the military and was hired under an age waiver as a law enforcement office at the age of 43 (which would mean that if I want to retire under the federal law enforcement retirement system, I would need to complete 20 years of federal service — I have 6 more year before I can retire as a LEO). My question is: How often…
Q. From private industry, I have both a traditional and Roth IRA. As a govt civil servant, I contribute to my TSP. Instead of putting catch up contributions into my TSP, can I place the catch up contribution to my Individual IRA?
Q: I’m retired as of May 31 2015. In July 2015 I transferred most of my TSP account into an IRA (UBS financial). Since I still have a TSP account, can I move the IRA money back into my TSP account? If so, can it be done this year? I heard I would have to wait 2 years before I could do that (so says a TSP representative). Would you agree with the rep on the 2 year wait? Any more info on this subject would be appreciated.
Q. I have worked for the Federal Government since 1995. I have twenty years on the job and I will be turning 62 in May of this year, and my pension is covered by FERS. I also have a TSP account. I am in a situation regarding conduct off the the job where I am afraid that I might be fired. My question is if this comes to pass, will I still be able keep my pension and TSP, will either one or both be taken away from me because of misconduct?
Q. I have reached the age where I can withdrawal my TSP without penalty, but must pay federal tax on it. Do I have to pay federal taxes if I gift it to my 18 year old son or would he pay the taxes on it?
Q. I moved my funds to the F, I, S, and C funds recently and am continuing to lose money. Wondering how I might reallocate or if I just need to wait a while to see if I recoup my funds. Can you help? I am near retirement so I was probably not being cautious enough.
Q. I noted in your most recent answer that “Under the current rules, your withdrawals will come, proportionately, from both the Traditional and Roth accounts.”. That would seem to argue in favor of rolling over any Roth TSP to a Roth outside of TSP, both to reduce the amount of the TSP RMD and not having to withdraw anything from the Roth.
Q. I retired from the Federal Bureau of Prisons on November 28,2014. I withdrew a part of my TSP receiving it on February 17, 2015. When I received my 1099 it identified my distribution code as 1 -early premature distribution. Why is it not code 2-early distribution exception applies, since I am federal law enforcement?