Browsing: TSP

Loan default

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Q. I’ve decided that it would be financially advantageous for me to default on my current TSP loan, in order to pay off other, more pressing and expensive debts. My loan payment is currently deducted automatically from my biweekly civil-service paycheck by the Treasury Department. So I have three questions: 1) Is there a mechanism by which I can have Treasury stop making the loan payment/deduction? 2) If so, then if I do so as of Oct. 15, will I be liable for the taxes on the deemed disbursement in this tax year, or in the next tax year? (I…

Admin costs

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Q. How do administrative costs of TSP compare with TIAA-CREF? A. In general, the TSP costs are lower. TIAA-CREF offers a wide variety of investment and plan options and the administrative costs vary among them, so the difference depends upon what, exactly, you are comparing to the TSP.

Switching funds

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Q. I am 52, and I have all my TSP money in the C Fund: $187,000. I probably will not retire until 62 or 65, and by that time I will have 30 years of government service. Which L Fund should I switch to, and should I make a lump-sum move now?

TSP issues

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Q. I’m a FERS participant and a big supporter of the TSP. I’m not a huge fan of not being able to change distribution amounts more than once a year and not a fan of not being able to choose which fund(s) the distributions come from. Do you think either of these two issues may be modified in the future? A. I know of no plans, but both are possible.

Loan repayment

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Q. I have approximately $4,500 to repay on a TSP loan. I want to retire in five years, so I’m trying to build up my TSP. Am I better off to let the loan run it’s course, or am I better off putting the additional contributions toward the loan?

TSP re-deposit

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Q. While still employed in the federal government, can I re-deposit the money I have withdrawn to an outside IRA back into the TSP prior to full retirement? A. You may transfer an eligible (contains no after-tax money) IRA balance into your TSP account at any time.

Monthly payouts

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Q. Are FERS retirement checks, TSP distribution checks and Social Security checks a monthly or bi-weekly distribution? Is there an option to make requests for either method? A. All are monthly.

VCP investment

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Q. I’m a CSRS employee with 34 years of service. I’m 53 years old and plan to work until I’m 58 years old. I have $15,000 that I want to invest. Would you recommend putting it into the Voluntary Contributions Program? I have a balance in TSP also.

Finding an advisor

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Q. My husband and I are 51. We will retire in about 10 years. How do we find the right financial advisor that will help us understand what we need for retirement, and  what we need to do if we won’t have enough to meet our needs?

Girlfriend on annuity

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Q. I am 63 and will be retiring under FERS probably within the next two years. Am I allowed to have my long-term girlfriend on my TSP annuity? A. Maybe: “If you chose a TSP annuity that provides for a joint annuitant other than your spouse, the joint annuitant must be either a former spouse or someone with an insurable interest in you. This means that the person is financially dependent on you and could reasonably expect to derive financial benefit from your continued life. Blood relatives or adopted relatives (but not relatives by marriage) who are closer than first…

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