Q. If I retire from civil service (under FERS) and I return to work as a civil servant at a later date, I know that my annuity will be subtracted from my pay. However, will I be able to contribute to TSP again? If so, can I contribute to my original TSP account or would I have to start over with another account? A. You will allowed to contribute to the TSP for during any period of eligible employment under TSP’s rules: https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/index.html. A new TSP account will be opened for you when your are eligibly employed.
Q. I work for the Centers for Medicare & Medicaid Services and am currently 65 years old. I started working for the federal government on July 4, 2010. The plan is to continue working as long as I can, past 70. When I retire it will be under FERS (born Sept. 12, 1953). Do I start taking Social Security at age 70 if I’m still working? Also, can I continue putting money into my TSP after age 70 and 1/2 (the required minimum distribution age)? Are there any other things I should be aware of if I retire after age…
Q. I am currently a FERS employee with 35 years of service who plans to retire at the age of 60. I know I am entitled to the special retirement supplement until age 62, but I am also a widow and want to start collecting my spouse’s Social Security at the age of 60. Can I collect both the SRS and my SSA widow benefit at the same time? A. Yes, you may collect both.
Q. I’m a FERS employee. As I reach retirement and knowing about my retirement and Social Security, what is the best way to maximize my TSP? If I have $1 million in my TSP, would moving the money from the C Fund to the G Fund and implement the 4 percent rule without wavering on my withdrawals would I run out of money? If the G Fund pays 1-2 percent every year I still seem to leave this Earth with money remaining. Looking at 4 percent calculation models, if you’re making an average above the 4 percent you wind up…
Q. I am a FERS employee age 47 with 27 years of service. I am currently on FMLA and will be resigning and applying for medical disability retirement. I know I can withdraw from my TSP but am not clear on the annuity option tax penalty. I want to withdraw funds to sustain me while waiting for a decision on my disability retirement. A. If you receive a TSP distribution before you reach age 59 ½, in addition to the regular income tax, you may have to pay an early withdrawal penalty tax equal to 10 percent of any taxable…
Q. I plan to retire at my MRA, which is 57 with 30 years of service. I plan to start withdrawals of my TSP to supplement my FERS retirement and FERS supplement at that time. Will my TSP withdrawals be subject to an earnings test and impact the amount I receive for my FERS supplement?
Q. When I retire I would like to pull money from my TSP (partial lump) to pay back a redeposit owed to my FERS. Can that be done and, if so, is the money taxed or suffer any other penalty? I will be 59 and 4 months upon my retirement Dec. 31, 2019. The redeposit is due 6 months prior to my retirement date. The amount I am paying back is $25,000.
Q. I am permanently, totally disabled from my doctor after neck surgery. I am FERS, starting in 1990. I retired from the U.S. Postal Service on disability retirement on 1-1-2017. I am thinking of withdrawing $1,000 a month from my TSP on a full payout. Will this affect my Social Security I am receiving, or affect my pension? Do TSP withdrawals affect disability retirement pay in any way?
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?