Q. I am retired from federal service (age 63) and have a part-time job. Do IRS rules allow me to contribute to an existing Roth IRA I have had since the 1990s (up to $6,500 a year) as long as my earned income exceeds $6,500? Can my wife (age 60) contribute to her Roth IRA up to $6,500 also, as long as my part-time income exceeds that combined total? Does the fact that the company I work part-time for has a 401(k) plan that I contribute minimum to just for the match matter?
Q. I am CSRS Offset. I withdrew my retirement funds years ago, and need to make a redeposit. I want to move money from my individual 401(k) to the Office of Personnel Management to make the redeposit. Will OPM report it to the IRS as a rollover, or will it be taxed as if I never re-deposited it?
Q. Is the TSP technically a 401(k)? I know all the same rules apply and, for example, when the contribution max or catch-up max goes up for 401(k)s, the TSP max also goes up, but I’ve never actually seen it referred to as a 401(k). If Congress changes the rules for 401(k)s as they are apparently considering, would the TSP rules also change, or would Congress have to address those separately?
Q: Because of the limited ability to withdraw TSP funds in a totally efficient manner for me, I am considering rolling my TSP account to Vanguard in two years when I retire. Vanguard provides the ability to withdraw Roth funds separate from 401k funds in any amounts I desire. As I understand, TSP requires withdraws to be equally prorated between 401k and Roth, based on the total balance. How does a TSP transfer occur … are the TSP Roth funds moved to a Vanguard rollover Roth fund and the TSP 401k funds placed in a taxable rollover account? It seems…
Q. I will be 56 in August, already have 32 years of service at USPS and I am a FERS employee. I started contributing to the Roth TSP 5 years ago. If I withdraw anything from my TSP in 2018, will I be penalized because as I recently found out all dispersals come from both the regular TSP and the Roth proportionally. Do I have to be 59 1/2 to get penalty free withdrawal from Roth TSP or am I good at my MRA + 30 retirement? I thought I had read if you retired on an unreduced retirement that there were…
Q. I am leaving NAF service and going GS. I currently have NAF retirement and a 401(k). I have to decide on whether to keep the NAF retirement plan. I was advised once before this is a better plan than FERS and TSP, but recently was told otherwise. Do you have any information that breaks down the pros and cons of each benefit system?
Q. I about to start working as a new federal employer soon. When I do join the federal agency, I’m deciding if I should roll over my 401(k) from my previous employer to my new TSP account. The question that I have is if I need to take a loan on my TSP, would the funds I roll over to my account be eligible for a general or residence loan?
Q. I have 27 years as a federal law enforcement officer under my belt and four before I am mandatory. If I retired on disability, would it affect my 401k and health insurance? I had a kidney transplant in 2011 and open heart surgery for aortic sleeve and valve replacement. I need my current health insurance just to help me with medication costs. Could I access my 401k while waiting to be approved? How long does one receive disability retirement assistance?