Browsing: retirement

Q: In the article titled, “Make most of your TSP for 2010 retirement savings,” it is indicated that the maximum contribution for 2010 is $16,500. However, I thought the amount was lowered to $16,000 for 2010. Please clarify. A: On Dec. 1, the Thrift Savings Plan confirmed that the 2010 limit will be $16,500.

This is my last Money Matters column for 2009, so I’ll take the opportunity to remind those of you who are still active federal employees to carefully plan your retirement savings contributions for the coming year. Unless there is a compelling reason to do otherwise, I strongly recommend you first direct your retirement savings contributions into your Thrift Savings Plan account — before you contribute to any other accounts. You should contribute the maximum allowed to your TSP account — which in 2010 is $16,500 if you are under age 50, or $22,000 if age 50 or older — before…

Q: I am a 62-year-old federal employee who will retire in January 2010 under the Civil Service Retirement System. I have put after-tax money into the voluntary contributions (VC) program and plan upon retirement to roll the interest earned directly to my Thrift Savings Plan account and the after-tax contributions to a Roth IRA. I understand that the IRS says that the VC program is a Qualified Retirement Plan. Can the after-tax contributions can be rolled directly to a Roth IRA without paying taxes on the rollover? A: In general, it is possible to roll your VC balance into a…

Q: I am a federal employee under the Federal Employees Retirement System. In the year and month of my retirement, I will have about $170,000 in my Thrift Savings Plan. In the year of my retirement, can I do a one time withdrawal of $30,000 and not request a monthly withdrawal that year, and then the following year of my retirement start my monthly withdrawals? A: Yes, if you have not used up your one-time partial withdrawal prior to taking the $30,000 withdrawal. — Mike Miles

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