Q. I’m currently 31 and have 8 ½ years of government service. I’d like to retire as soon as possible, so what is the most practical course of action if you were in my shoes? Working to MRA of 57 (37 years of service), assuming the annuity is enough to support me in retirement, or waiting until 59 ½ to be able to collect the annuity and TSP payments? Or resigning at an earlier age?
Q. I’m 52 years old, with 33 years of service. If I’m offered VERA with a $25,000 bonus, can I immediately apply for the Social Security Supplement at the age of 52? Can I start the annuity from my Thrift Savings Plan at the age of 52? I want to make sure I have sufficient funds to live off of, if I’m not immediately employed by someone.
Q. If I take the VERA at age 55, can I roll my Fidelity IRA into my TSP and take monthly payments for all of it starting at 55 without the 10 percent penalty? Also, what is the time lag typically from retirement to get your first FERS annuity payment and TSP monthly payment? In other words, how long would I be out of pocket when I retire until those payments kick in?
Q. I am going to retire after 32 years of service under FERS. Do you have any knowledge about which company will be managing the annuity monies? I was told that it could be MetLife and wanted to look over their financials to see if I should put my TSP annuity with the same company or diversify with someone else.
Q. I had an accident (on my time) this year. Since my injuries impede me from performing the type of physical work I used to do, they are not offering me light duty and my sick leave is almost depleted, so I may have to retire. I’m thinking of purchasing the basic single life annuity with MetLife. I’m 63 years old and have $140,000 in my TSP. I had been planning in putting more in my TSP til age 66, but without the option to continue work I need to decide. Is this the annuity that pays the most or…
Q. I will be retiring in 2019 under FERS. I’m not a pick fan of annuities but I have read in the past that the MetLife annuity tied into the TSP plan is relatively a good annuity with low costs. I also understand that this MetLife annuity might get even better and easier with the changes now being put into place under the new TSP distribution changes. Can you comment on this specifically?
Q. I understand that earned income (i.e., wages from a job) above a threshold may reduce or eliminate the special retirement supplement (SRS). What about passive forms of income from interest, dividends or rent?
Q. I attained age 70 ½ this year. If I convert my TSP balance to an annuity before the end of this year, does that satisfy the required minimum distribution, or must I take the RMD this year and use the annuity to satisfy the RMD for future years?
Q. I am planning on retiring sometime after September 2019, which is when I know the TSP withdrawal rules are changing. I want to know if, after September 2019, I would be permitted to do the following: withdraw 20 percent of my balance to pay off outstanding bills; use 40 to 60 percent to purchase a Met Life annuity; and/or leave the balance in my TSP account invested in the L Fund that most closely corresponds to my life expectancy. (My intent would be to take actions one and two at the same time.)
Q. I’m a 71-year-old DAC who will be retiring in June 2019. Presently, I have $1,045,000 in the TSP. When I retire, I will have the following other sources of annual income: military retirement ~$37,000 annual (w/SBP option); Social Security ~$29,000; FERS annuity $29,000 (s/100% option, which is half); and my TSP (wife is beneficiary). My wife is 55 years old retired DAC with an annual annuity of ~$14,000. She also have $450,000 in her TSP account. She will be receiving at age 56 a Social Security supplement of ~$9,000 until the age of 62. With the differences in my wife…