Browsing: annuity

Switching funds

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Q. I am 52, and I have all my TSP money in the C Fund: $187,000. I probably will not retire until 62 or 65, and by that time I will have 30 years of government service. Which L Fund should I switch to, and should I make a lump-sum move now?

Monthly payouts

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Q. Are FERS retirement checks, TSP distribution checks and Social Security checks a monthly or bi-weekly distribution? Is there an option to make requests for either method? A. All are monthly.

CSRS Offset

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Q. My wife retires in January from federal service. She had CSRS Offset. She is receiving her annuity, but did she contribute to FERS while in CSRS offset? And if she did, does she now have stocks in FERS that she can move into her mutual fund? A. She did not contribute to FERS if she was not covered by FERS. If you’re asking if she contributed to the Thrift Savings Plan, that’s a question she will have to answer. If she did, then she has money that is hers to do with as she pleases, within the rules.

TSP distributions

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Q. I’m in the FERS retirement plan and will retire March 31 from the Defense Department. At the time of retirement, I will have more than $300,000 in my 401k. I have two multiple-part questions:  1. Can I decide how much I want to take in monthly withdrawals and, if so, do I pay the 20 percent penalty monthly or do they take the 20 percent off the $300,000 before I even start getting my monthly payments? 2. If I leave my money in the TSP, do they continue to invest my money, and will I continue to earn interest…

Girlfriend on annuity

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Q. I am 63 and will be retiring under FERS probably within the next two years. Am I allowed to have my long-term girlfriend on my TSP annuity? A. Maybe: “If you chose a TSP annuity that provides for a joint annuitant other than your spouse, the joint annuitant must be either a former spouse or someone with an insurable interest in you. This means that the person is financially dependent on you and could reasonably expect to derive financial benefit from your continued life. Blood relatives or adopted relatives (but not relatives by marriage) who are closer than first…

TSP withdrawal

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Q. I am under the CSRS retirement system. I have 32 years of federal service. I am 56 and plan on retiring at 60. I contribute to the TSP, $17,500 per year and an additional $2,600 catch-up to the TSP per year. I am a GS-13/7. My high-3 would most likely be at this pay grade. How can I calculate how much my monthly annuity would be upon retirement so my financial adviser will have a better understanding of my situation upon retirement? I know about the ballpark estimates, but I would like something a bit more concrete. When do…

Annuity eligibility

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Q. I was just hired by the VA (NTE only lasting 2 months, Excepted) at age 58. How long must I work before I am eligible for a monthly pension? How long must I work before I am eligible to keep retirement thrift plan? How long must I stay before I am eligible for retirement medical benefits?  I am assuming that I will find a permanent job but does this NTE time count toward something?

TSP annuity

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Q. My question has to do with choosing to withdraw my TSP account upon retirement. I understand I can leave my balance with the government and either choose equal payments for my expected lifespan or have the government purchase an annuity on my behalf. What I do not understand is the difference between choosing equal payments for the rest of my life and purchasing an annuity solely for myself? What are the pros and cons for each? I also don’t understand why I am also given a choice to choose a survivor benefit with my wife as the beneficiary should…

TSP withdrawal

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Q. I’m trying to decide how to withdraw my TSP. I really do not need the income at this time. I’m 60 years old with no dependents or heirs. I have about $240,000 in my TSP. Is it possible to buy a life annuity with half now and take monthly payments later? I was also considering a life annuity with increasing payments and 10-year certain. Or would it be better to do monthly payments? From what I understand, I can adjust the payment once a year.

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