Browsing: annuity

Q. After entering my Thrift Savings Plan earnings in the Employee Benefits Information System profile, it shows my TSP annuity is $2,000 per month if I retire at age 56 (my minimum retirement age). What is the $2,000 based on? Is it $2,000 until I die, or only until I reach a certain age? A. It could be your life, your joint life with a partner, or a minimum of 10 years, depending upon which annuity option you choose.

Q. If I retire early at 50 years of age with 30 years of service under FERS, I understand I’d have to wait until my minimum retirement age to receive the special retirement supplement. What reductions would I have in my retirement annuity? Would I be able to receive monthly Thrift Savings Plan annuity at age 50? A. Mike: You may use your TSP money to buy an immediate annuity and receive monthly income payments at any age, once you are separated from service. Reg: If your agency offers you a Voluntary Early Retirement Authority, there wouldn’t be any age-based…

Q. I worked for the Department of Justice from 1989 to 2003 under FERS. I have worked in the private sector since that time. I will be 62 in 2015, at which time I think I qualify for a retirement annuity. Can I do all of the following: 1. Receive a FERS annuity based on my high-3 salary; 2. Continue to be employed in the private sector; and 3. Leave my Thrift Savings Plan money where it is for now. Is there any reason not to do this, or any value in deferring this? My impression is that the annuity…

Q. I have been in FERS for 16 years. I have been in the Army Reserve for 21 and plan to stay in until after my FERS minimum retirement age (58). I have enough combat time to be eligible for early reserve retirement pay at 58. I have deployed to combat several times and receive a combat-related injury compensation from the Veterans Affairs Department. I have a FERS Thrift Savings Plan and a military member TSP. I am thinking of buying back four years of active-duty time toward my FERS retirement. I believe former President Bush signed a special combat-related compensation…

Q. I separated from federal service in 2007 after 19 years in FERS. At the time of separation, I withdrew my Thrift Savings Plan contributions. I am considering returning to federal service. I was born in 1961. If I return to federal service, what will be my minimum retirement age? Are there special service requirements for reinstated federal employees? Am I required to return funds I withdrew from the TSP? If not required, is it still possible to return TSP funds that were withdrawn and deposited in another 401(k)? How will my FERS retirement annuity be calculated? Where can I…

Q. I am retiring under FERS in a few months, and am looking for recommendations on how to best invest my Thrift Savings Plan dollars. I believe my options are to buy a MetLife annuity, leave the funds in my TSP account until I turn 71 years old (I am now 60), or roll the TSP dollars into an IRA or other type of investment account. I have approximately $350,000 and will receive my FERS retirement and eventually Social Security. Do you have any recommendations to roll the dollars into an investment account that I could occasionally draw from and that could draw…

Q. I read one day this past week that federal employees who are retiring may be allowed to make a one-time withdrawal from there Thrift Savings Plan account at age 55 without penalty due to the fact they will receive a six-month reduced (estimated to be 50 percent) annuity until the Office of Personnel Management can reconcile the employee’s account. Where is that information in writing? A. I haven’t seen this in writing. If you read it, I presume that it must have been in writing. Where did you read it? The current law allows you take one or more…

Q. I am 41 and a “gray area retiree from the Maryland Army National Guard. I am employed with the Postal Service (FERS) and have about 19 years of service (including five years active duty, which I already paid back). I also collect 30 percent disability from the Veterans Affairs Department. In planning my final retirement living, it seems if I retire at my minimum retirement age of 57, I should be immediately eligible for full annuities of the following, with no penalties or offsets: FERS basic annuity Social Security offset (until 62) TSP annuity (no IRS penalty) VA compensation…

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