Browsing: TSP withdrawal

Q. I questioned a Thrift Savings Plan representative regarding the matched and unmatched funds from their agency, and they told me due to the fact that I withdrew my funds upon departure, I was not entitled to those contributions they made on my behalf. I thought the TSP funds, whether contributed by me and/or the funds, as well as the interest would be given to me after the vested time frame. How would I go about receiving those funds if they indeed are due to me?

Q. I’m 58 and considering retirement in the near future. I’ve got about $420,000 in my TSP and I’m leaning toward taking a TSP joint life annuity, since I’m retiring relatively early and might exhaust my TSP by taking regular monthly withdrawals. I know MetLife is a reputable and well-established company. Is there any federal protection or other kind of guarantee for annuitants in the event that MetLife becomes insolvent in the future?

Q. I am a 41-year-old active duty military member with 24 years of service, retiring in 15 months. I am debating whether or not to apply for a financial hardship withdrawal from my TSP. As all too common in the military, my family and I moved from our house in one location to our new duty station. The home in the first location did not sell, so we rented. When we had issues with two separate tenants, we had to pay our mortgage and our rent. This double payment quickly depleted our savings. When we moved back to the home,…

Q. I retired under discontinued service retirement in 2015, however, I was under the minimum retirement age of 55. I have applied for disability retirement, which I’m still waiting for the Office of Personnel Management to approve. How long should I expect he process to take? Can I do anything to help speed up the process? I have been declared disabled by two physicians and provided all requested documentation to OPM. Separately, can I start making withdrawals from the TSP? Can I make multiple withdrawals as funds are needed? Can I take the option for equal monthly installments and then periodically…

Q. I am a FERS employee and plan to retire next year when I turn 58 (with 33 years of service). I have a healthy TSP balance (approximately $1 million). I am married, and my husband will be in the workforce for at least eight more years. Upon retirement, I may withdraw 100 percent of the TSP funds and pay tax on it all next year. I would like to use the balance to pay off a mortgage on two rental homes I own with my husband ($330,000) and put aside another $100,000 in liquid cash for education for my…

1 2 3 34