Browsing: TSP and retirement

Q: I realize that you can leave your funds in the Thrift Savings Plan until age 70 1/2. But can you continue to contribute to the plan in retirement? If so, how? Can you have a certain amount taken out of your retirement check? If not, what is the advantage of keeping the money in the plan? Wouldn’t it be better to take it out when you retire, reinvest it and continue to contribute to the new fund until you need the money? A: You can’t continue to contribute to the TSP after you separate from service. You can transfer…

Q: If I retire May 1 at age 55 under the Civil Service Retirement System with 34 years of service, can I leave my $60,000 in the Thrift Savings Plan for a year or two and then, after seeing how life as a retiree goes, start up periodic payments? Or do I have to decide what to do with my TSP account right away? A: You can delay the decision for as long as you like. You won’t have to start taking withdrawals until you reach age 70 1/2.