Q. I plan to retire at my minimum retirement age of 56 with 31 years of service. I plan to get my Federal Employees Retirement System pension, as well as my Thrift Savings Plan annuity immediately. I know my FERS annuity is not subject to the minimum earnings test. Is my TSP annuity subject to that? Is the TSP annuity considered income? A. Annuity income from your TSP account is not considered earned income.
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Q: My wife and I are retiring from federal civil service on Sept. 30. We want to continue adding money to IRAs we had prior to our civil service careers. We will not be employed after leaving the federal government. Can you share the contribution amount we can make to an IRA annually? A: If you have no earned income, you can’t make IRA contributions.