Thread: Post Retirement Question

Originally Posted by dell

If I retired 31 January 2006, how soon can I (a) make a partial one time withdrawal and (b) how soon can I begin drawing a set amount on a monthly basis from the G Fund to supplement my anniuty?

Thanks _ Dell

I don't know about the withdrawl, you need to talk to the TSP folks. However, after you retire give OPM time to get the paperwork to TSP, about 2 weeks. Get one of their tsp-70 forms. Fill it out for a monthly withdrawl. But please call them first, that form is a [bleep]. Make sure that you and TSP are on the same page.

Rgds, and be careful!.............. .................Spaf

Spaf: Thankyou very much.

Best - Dell

In my case, TSP was aware that I was separated about the same time I received my first monthly pension check from OPM; about 31 days after I retired. I believe it’s your employing agency that notifies TSP that you’re separated. This occurs when they send your retirement package to OPM. I noticed I could perform unique functions at the TSP online site, like change my address, or apply for a withdrawal as a separated participant. Only separated employees can perform these functions online. About six or seven weeks after I retired, I received a letter from TSP notifying me that I was reported as separated.

Form TSP-77 is used for a partial withdrawal of funds, and form TSP-70 for full withdrawal, for civilian employees. If separated military, the forms are TSP-U-77 and TSP-U-70. Prior to the recent phishing attack, you would fill these forms online by clicking the Withdrawal button. I’ am unsure if this is still possible.b

Thanks for the good info
Dell

The one time partial withdraw... (form 77) Is that considered a taxable distribution? and... Will you take a 10% hit on the partial withdraw because its prior to age requirements? It must be, otherwise I could partialy withdraw 99% of my account then disburse the 1% in monthly payments,(form 70) exhaust the account and go away tax free. Insight?

"You must wait until after the effective date of your retirement to sign, date, and mail a request for withdrawl to TSP."

Do you still have to be 59.5, in order to withdraw without penilties?

Originally Posted by Buster

Do you still have to be 59.5, in order to withdraw without penilties?

NO you don't have to wait.http://www.cbiz.com/page.asp?pid=4726