Q: Will I get full Social Security and a full Federal Employees Retirement System annuity when I retire at 66? And when I invest my Thrift Savings Plan, will that affect how much I receive from Social Security? A: I can’t say whether you’ll get a “full” FERS annuity, but none of these benefits, on their own, will affect the others.
Browsing: FERS
Q: Will I get full Social Security and a “full” Federal Employees Retirement System annuity when I retire at age 66? And when I invest my Thrift Savings Plan money, will that affect how much I receive from Social Security? A: I can’t say whether you’ll get a “full” FERS annuity, but none of these benefits, on their own, will affect the others.
Q. I am under the FERS program. Is the matching fund from the government included in my TSP balance now or will it be added when I retire? A. It’s being deposited as you go.
Q: I retired with a Federal Employees Retirement System Thrift Savings Plan account and am 60 years old. I would like to make a partial withdrawal and understand it will be taxed 20 percent by the federal government. At the end of the year, they will send a 1099 form to be used for federal income filing. I still have two children in college and am currently paying for that. Will I be able to recoup some of the income tax paid from my withdrawal if all works out on my federal tax form (education credits)? Or is this tax…
Q: I understand that the IRS will allow TSP funds to roll over into a Roth IRA. However, that does not mean that the company that runs the TSP will allow it. I’m 46 years old and in federal service with the Federal Employees Retirement System. How can I move my TSP funds into a Roth IRA? A: You can’t.
Q: For those covered under Federal Employees Retirement System law enforcement retirement, is the earnings test applied toward funds received from their Thrift Savings Plan if those amounts exceed the earnings test for Special LEO/FF SS Supplement after their minimum retirement age? A: No. TSP withdrawals are not considered earned income.
Q: I read your May 3 piece regarding the G Fund. You said it should represent 10 percent or less of an investor’s Thrift Savings Plan assets. Maybe I’m not understanding correctly, because the suggested G Fund distribution in the L Funds has 32 percent in the L 2020, 64 percent in the L 2010 and 74 percent in the L Income. My opinion is that these are very high percentages, but I also think your 10 percent is rather low. I’m not currently in the L Funds and probably won’t be. I plan to retire in 2014 so I…
Q: I am 70 and intend to retire Dec. 31 with FERS civil service since July 2001. Can I keep the TSP funds in an account and continue to earn whatever the fund may provide while also making minimum withdrawals to satisfy IRS withdrawal rules (whatever they may be). A: Yes, you may.
Q: My divorce Judgment and Decree of 2004 awarded me porrata share of FERS employee annuity, Thrift Savings Plan and Former Spouse Survivor Annuity. I remarried before age 55. My former spouse and I were married 21 3/4 years. Will I be eligible for any of these benefits? A: You should consult an attorney for the answer.
Q: I am a Federal Employees Retirement System employee with the Postal Service who plans to retire at the age of 60 with 27.5 years of service. I plan to take monthly withdrawals from my Thrift Savings Plan account to apply to my mortgage for ten years until I am 70 1/2 years old, rather than paying off my mortgage when I retire. My mortgage is a 30-year fixed at 4.75 percent. By leaving my money in the TSP and earning an estimated 8 percent while taking monthly withdrawals to make my mortgage payments, won’t I be ahead money at…