Browsing: lump-sum payout

TSP withdrawal rules

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Q: I retired Nov. 30 from the Foreign Service at age 60 and have a substantial sum in my Thrift Savings Plan. I would like to make a partial withdrawal in the near future to give me cash to renovate my house. In the future, when I decide to make a complete withdrawal, it looks like I could do a combination of a second lump-sum payout and a series of monthly payments. Am I reading the rules wrong? Can I indeed make this second lump-sum withdrawal? A: Not unless the lump-sum withdrawal is the terminal withdrawal at the end of…

TSP split between annuity, lump sum

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Q: I am 57 years old and I have 34 years of service, including 21 years of active duty in the Navy. I have already paid my military deposit amount in full. My Thrift Savings Plan account has $200,000 in it. If I retire next year, can I get half of that amount in lump sum, and can I invest the remaining $100,000 in an annuity? If I can, when would I start receiving the annuity?    A: Yes, you may request a partial lump-sum withdrawal, if you have not already done so, and then later request a full withdrawal…