Q. I accepted the VERA/VISP offer from my agency in 2017 when I was 54 years old. I will turn 56 in one month. Would I be subject to the 10 percent penalty if I withdraw funds from my TSP account? Are there any other options for me to withdraw funds before reaching the age of 59.5?
Browsing: TSP withdrawal
Q. I am a retired U.S. Postal Service employee under the CSRS system. Upon retiring I took out a partial lump sum withdraw from my account. My retirement adviser informed me at the time that there was “talk” of allowing more than one lump sum withdraw from one’s Thrift Savings Plan account. Any updates or truth to these rumors? Incidentally, I am not yet receiving my annuity from my TSP account, just that initial lump sum payment upon retiring.
Q. If I retire from the U.S. Postal Service at the age of 56 years old with 31 years of service and have 440 hours annual leave and over 2,300 hours of sick leave, what three checks will I get? I know one is pension and one is supplement, but do I get anything from Social Security or the Thrift Savings Plan? And will I lose 5 percent every year until I’m 62?
Q. I retired in 2018, on Dec. 31, off the books with a buy out. I am 73 and have already been taking the required minimum distributions from a couple of other IRAs. I know I will be required to set up distributions or something with the TSP in and for 2019. Because I retired in 2018 and because I am 73, do I need to take a TSP distribution for the 2018 year before a point in April? And if yes, will that need to be reported as income for 2018 or income for 2019?
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. I will have 25 years of law enforcement officer service and can retire at 48 years old. Will I be penalized for drawing my money from my TSP account before I turn 50? Can you explain the consequences, if any, and any alternatives if I face the penalty?
Q. If I borrowed money in 2018 but retired in 2019, to what year would the taxable distribution be allocated to? If this money will eventually be taxed anyway, what’s the difference with getting taxed now at the 20 percent or later at a similar rate?
Q. I worked for the U.S. Postal Service as a letter carrier from December 1984 to April 1990. I don’t think I withdrew any of my money from retirement, and now I want to. Also, I participated in the Thrift Savings Plan and I want to withdraw my money from it, too. How do I do this?