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Thread: FERs Retirees, anyone?

  1. #241

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by clester View Post
    I Left mine in TSP and I'm taking monthly payments based on life expectancy (72t amortization rules). I am free from that at age 59.5 and can go to monthly payments of any amount..
    Hi Clester, If I withdraw based on life expectancy, do I have to do it for at least 5 years or can I discontinue once I am 59.5? I am 57 yo.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  3. #242

    Default Re: FERs Retirees, anyone?

    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
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    2020 31.85%,2019 27.97%,2018 -3.36%,2017 13.10%, 2016 -1.79%, 5Yr Avg 12.61%

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  5. #243

    Default Re: FERs Retirees, anyone?

    I retired April 30, 2016. As of today, June 1, 2016, I haven't received my terminal leave, and my pension and supplemental income check.
    Hopefully, my terminal leave will come in on June 3.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1


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  7. #244

    Default Re: FERs Retirees, anyone?

    Having completed a cursory scan of this thread I didn't see a post with this question. and first let me say my post may need to be directed elsewhere so go ahead mod if necessary, "make ya move".

    Question: Does anyone here know if a lump sum withdrawal of TSP dollars will be taxed as ordinary income or capital gains? For reference, I'm retiring Dec 31, 2016. My plan is to pull an amount out of my TSP to pay off the small mortgage remaining. I plan to call my tax advisor later this year but thought I'd ask here also.

    Thanks in advance!
    Kave

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  9. #245

    Default Re: FERs Retirees, anyone?

    Assuming you are retired and your TSP is not a ROTH the withdrawal is ordinary and taxable income. If you're not retired and younger than 59.5 yrs then you will also have a 10% early withdrawal penalty.

    Quote Originally Posted by kave View Post
    Having completed a cursory scan of this thread I didn't see a post with this question. and first let me say my post may need to be directed elsewhere so go ahead mod if necessary, "make ya move".

    Question: Does anyone here know if a lump sum withdrawal of TSP dollars will be taxed as ordinary income or capital gains? For reference, I'm retiring Dec 31, 2016. My plan is to pull an amount out of my TSP to pay off the small mortgage remaining. I plan to call my tax advisor later this year but thought I'd ask here also.

    Thanks in advance!
    Kave

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  11. #246

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Skorcher View Post
    Assuming you are retired and your TSP is not a ROTH the withdrawal is ordinary and taxable income. If you're not retired and younger than 59.5 yrs then you will also have a 10% early withdrawal penalty.
    Skorcher thanks a bunch! You gave me the information I was searching for. My TSP is not a ROTH. I will be 56 years old at retirement with 31 years plus 6 months of service.

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  13. #247

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    I retired April 30, 2016. As of today, June 1, 2016, I haven't received my terminal leave, and my pension and supplemental income check.
    Hopefully, my terminal leave will come in on June 3.
    Hang in there Mari it will come in due time! If I remember mine took about three months before everything was settled and my regular checks came in! Hopefully you have a little tucked away for the meantime! Good luck to you!

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  15. #248

    Join Date
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    3,277

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Skorcher View Post
    Assuming you are retired and your TSP is not a ROTH the withdrawal is ordinary and taxable income. If you're not retired and younger than 59.5 yrs then you will also have a 10% early withdrawal penalty.
    Unless you're rolling into another IRA, or you're federal a LEO. When I retired I rolled part of my TSP into an IRA, and took a small lump some payment outright. I only paid income tax.

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  17. #249

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    I retired April 30, 2016. As of today, June 1, 2016, I haven't received my terminal leave, and my pension and supplemental income check.
    Hopefully, my terminal leave will come in on June 3.
    Quote Originally Posted by Scout333 View Post
    Hang in there Mari it will come in due time! If I remember mine took about three months before everything was settled and my regular checks came in! Hopefully you have a little tucked away for the meantime! Good luck to you!
    Fortunately, we made sure we have emergency money tucked away. I understand the pension check to be delayed, but I don't understand why the terminal leave is delayed when it is "cut and dry."
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  19. #250

    Join Date
    Sep 2006
    Location
    Rocky Mountain High
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    6,960

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    Fortunately, we made sure we have emergency money tucked away. I understand the pension check to be delayed, but I don't understand why the terminal leave is delayed when it is "cut and dry."
    I've heard, in some cases, that it takes 4-6 months to get pension/annuity checks on a regular basis.
    Weatherweenie's Account Talk
    Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.

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  21. #251

    Join Date
    Dec 2007
    Location
    inland Northwest
    Posts
    4,124

    Default Re: FERs Retirees, anyone?

    Mari, there is a whole thread on this particular subject over at Fedsoup.com, the free forum section of feddaily newsletter. you may want to check it out.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  23. #252

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    Fortunately, we made sure we have emergency money tucked away. I understand the pension check to be delayed, but I don't understand why the terminal leave is delayed when it is "cut and dry."
    When I retired from the USPS last summer it took 6 weeks before I received my AL check. Congratulations on your retirement, you're going to love it! I've been traveling, sleeping in and doing whatever I want.....freedom is a beautiful thing.


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