Browsing: early withdrawal penalty

Q. I began federal civil service 10/22/1983 and retired from the U.S. Department of Agriculture 5/13/2013 on an “early out” offer. For my nearly 30 years of service, I never left CSRS, paid Social Security, and qualified fully for CSRS Benefits at my retirement. I did, however, participate in the employee-only [no match from my agency] paid deduction that was an “option” for CSRS to build a THRIFT Saving Program that currently has an approximate current value of $235,000. I retired early and have been receiving monthly retirement benefits since 5/13/2013 [and thus a substantially reduced monthly benefit, but at my…

Q. I work for the Department of Interior and have accepted a VERA Early Out. I would like to take my whole TSP account and rollover to an IRA. Some say there is not a 10 percent penalty for simply rolling over to an IRA, and some say there will be a 10 percent penalty for rolling over to an IRA. I am age 50, which is why I’m asking.

Q. My agency, Veterans Affairs, is firing many employees for performance under the VA accountability act. I have 28 years of service after buying back seven years of military service and am 49. Will I get non-reduced retirement and access to my TSP withdrawals if I am given involuntary separation due to performance?

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. My husband has money in a retirement account that is not in the TSP. When we retire would we be able to just draw down his accounts and leave my TSP account alone? While his account is good, the TSP is, as you know, a great vehicle to save / invest money. His retirement accounts and mine our about the same: $450,000 in each. We are planning on retiring at 60 and delay collecting Social Security till 70 years of age. My husband is 58 and I am 57. While I know how to save, I’m not sure how…

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