Browsing: Postal Service

Q. I have worked for the Postal Service for 24 years as postmaster. I would be able to take an early-out offer. I want to borrow on my Thrift Savings Plan for a residential loan. If I do a 10-year loan from my part of the TSP next month and then they offer early retirement and I take it, will I still have to continue making the payments? Also, when I retire, will I be able to pull out all my savings in TSP? A. If you retire, your outstanding TSP loan will become due. If you don’t repay it…

Q: I work for the postal service. If there is an early out I would jump at the chance. I would like to use the funds in my TSP to pay off our house and all our other bills. I am 53, my husband is 57. If I transfer the funds to an IRA in his name, when could they be withdrawn without paying a 10-percent penalty. Is this even possible? A: You can’t transfer or roll over your TSP funds to another person’s IRA.

Q.  I will be retiring from the the Postal Service with 31 years of FERS at the age of 56. I know I will be eligible for the Social Security supplement until I reach the age of 62. My question is about earning limits with the supplement. If at age 56, I withdraw  all or a portion of my TSP account, will this affect my Social Security  supplement from the Postal Service? A.  TSP withdrawals are not counted as earned income.

Q: I am a postal clerk. I am 51 and I put 10 percent into TSP. I have  traditional IRA (American Funds Growth of America , Income Fund of America, High Income Trust and Capital Income Builder.)  Their reports claim the return is a better rate of interest than an unmanaged S&P 500 fund. Management fees are 0.6 percent. Am I better off rolling this IRA into my TSP account? A: Yes. The TSP has lower expenses and a better expected risk/return profile than these managed funds. As their prospectus clearly states, their past performance claims are irrelevant to the…

Q. I am a 48 year old male. I am a letter carrier for USPS. Due to unfortunate circumstances, I will be applying for Social Security disability and disability retirement from USPS. Here’s the thing.  I have had two previous surgeries on my spine, both covered by worker’s compensation. Right now I am using all my sick leave until worker’s compensation receives all of the information it needs. Is there a separate retirement through OWCP or do I need to file for disability through the Post Office. I am thinking of separating from the Postal Service because of my financial…

Q. Age: 56 (will be 57 in July 2011) Service comp date: May 1983 Hired:  July 1984 Retirement:  FERS from the start Break in service:  May 2007-February 2009 (about 22 months) Military:  USMC 1975-1978 (“bought” the time) VER Authority:  Application deadline and irrevocability date 4/25/2011 Effective date 5/31/2011 RIF Effective Date:  Sept 9, 2011 Questions ========= If I lost my job on Sept. 9 (with 28 years and about four months service) and took a discontinued service retirement, would I be eligible for: a)  Annuity supplement (Social Security offset) b)  No “+ 10” reduction of my FERS annuity c)  TSP…

Q. I am a FERS employee with the Postal Service. I am 60 years old with 26 years employment. If I decided to retire this year, can I then withdraw monthly allotments from my TSP until I am 62 and then stop and roll it over into an investment plan? A. Yes, but it’s hard to imagine a better investment plan than the TSP.

Q. I have been retired from the Postal Service for about 10 years. I made a poor choice when I withdrew all my funds from the TSP. I have about $13,000 of it left in an IRA that is only earning about 1 percent. Is there a similar savings plan that one can invest in, in the private sector. That is a plan that has the various investment options, without the equal employer investment? A. Yes; an IRA at a discount broker using index funds similar to those available in the TSP. Simply transfer the assets from your current IRA…

Q: A retired USPS employee friend of mine told me that he was hit with a penalty because he started withdrawing money from his TSP account at the age of 60 instead of his retirement age of 62. Is this true? A: No.

Q: I am 59 and retired from the post office since July 2009. I receive payments of $900 a month and would like to get a lump sum. Would I have to pay a penalty? A: If you’re receiving level monthly payments, not based on your life expectancy, and not incurring the penalty on those, then your lump sum will not incur the penalty, either.

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