Browsing: TSP withdrawal

Q. In the context of a 72(t) withdrawal does “annually” refer to a 12-month period or the calendar year? I took my first distribution in a lump sum in July. Can I take the annual amount in 2015 on a monthly basis starting in January or do I have to wait until July and again take a lump sum? My calculation was done using the “fixed amortization method.”

Q. Say I take a TSP partial lump sum and then monthly installments at retirement. In a few years, I need large sums, but understand I can’t take another lump sum. Is there a limit on the amount of monthly payments I can choose? Can I ask, for example, for $50,000 per month until the account is exhausted or I change back to a lower amount?

Q. In trying to maximize my withdrawal options with the TSP, I’m leaving all my money in until age 70-1/2. After I make mandatory withdrawals which TSP will calculate, can I still use the one-time withdrawal option if an emergency arises? A. No.

Q. FERS employee, 25 years service, retiring under MRA (56 years old) + 10. Will receive annuity at 70-percent rate. Plan to take monthly TSP payments of $3,000 (able to change amount once every year). Just want to confirm that there will be no early withdrawal tax penalties for taking TSP before 59-1/2.

Q. I will retire under the law enforcement FERS category. Because I am retiring at 50, I plan to take the life expectancy payments. If I want to take a partial withdrawal of $50,000 in a few years for my son’s college education, can I do this?

Q. Say I have $100,000 in my TSP account when I retire. I decide to choose monthly payments for the entire $100,000 at a monthly rate of $500 a month. Does the $99,500  that is left in the TSP after the first month’s payment continue to earn interest, or is that $100,000 value locked into “stone” and I will  never earn another nickel on the money that is sitting there (i.e., after 200 monthly payments my TSP funds will be gone). I understand that once a year I can adjust the monthly payment amount. Assuming that I still do earn…

Q. I am in FERS and considering retiring at my MRA. With my wife continuing to work, my pension (39 years including military buyback and one year of sick leave) and the Social Security supplement, I’m thinking I won’t need to withdraw money from my TSP. Where can I find guidance on when I have to start withdrawals, and how to go about withdrawing annual lump sums vs. monthly amounts.

Q. I wonder if this plan is viable. I retireg in a couple years with 10 years FERS service and around $200,000 in my TSP. I will be 65 at retirement, but don’t plan to collect Social Security until age 66. My plan is to take a one-time withdrawal of around $50,000 to pay off my mortgage. Following that, I plan to start monthly withdrawals at a rate equivalent to my upcoming Social Security income. When the Social Security payments start, I plan to reduce the monthly TSP collection to a nominal amount until I have to start taking the…

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