Page 13 of 16 FirstFirst ... 31112131415 ... LastLast
Results 145 to 156 of 182

Thread: PessOptimist's Retirement Story

  1. #145

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,993

    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Valkyrie View Post
    "No Cash refund"? I surmise that means that even if your initial balance lets say 300k wasn't paid out by the time you pass along, they get to keep the money left over?
    You are correct. They pay a monthly amount, if one of you dies the amount reduces 50%, when the other dies Metlife keeps the money.<br>
    <br>
    Based on our ages I don't think it's a good deal.

  2.  
  3. #146

    Join Date
    Dec 2009
    Location
    On a Florida beach
    Posts
    1,454

    Default Re: PessOptimist's Retirement Story

    An update on my full withdrawal (in monthly payments) status. Today the status has changed to:

    Pending Full Withdrawal Request submitted 04/29/2019.

    Your full withdrawal request (View withdrawal Request) is being processed for 04/29/2019. This request can no longer be changed or cancelled.

    So now I'm crossing my fingers and toes hoping that the deposit doesn't hit our account tomorrow since I want the deposits to be on the 1st of each month, or soon after.


  4.  
  5. #147

    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Tsunami View Post
    An update on my full withdrawal (in monthly payments) status. Today the status has changed to:

    Pending Full Withdrawal Request submitted 04/29/2019.

    Your full withdrawal request (View withdrawal Request) is being processed for 04/29/2019. This request can no longer be changed or cancelled.

    So now I'm crossing my fingers and toes hoping that the deposit doesn't hit our account tomorrow since I want the deposits to be on the 1st of each month, or soon after.

    T your withdrawal amounts will usually be deposited 3 or 4 days after it is posted on the TSP site. My experience has been that it can be different days every month. Close but can be as much as 7 days difference some months. If you wish you can adjust your tax withholdings in OPM by taking the amount needed to cover your TSP withdrawals from your retirement. When I did mine I took -0- from the TSP withdrawals. Adjusted retirement to cover the withdrawals.

  6.  
  7. #148

    Join Date
    Dec 2009
    Location
    On a Florida beach
    Posts
    1,454

    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Scout333 View Post
    T your withdrawal amounts will usually be deposited 3 or 4 days after it is posted on the TSP site. My experience has been that it can be different days every month. Close but can be as much as 7 days difference some months. If you wish you can adjust your tax withholdings in OPM by taking the amount needed to cover your TSP withdrawals from your retirement. When I did mine I took -0- from the TSP withdrawals. Adjusted retirement to cover the withdrawals.
    Thanks Scout. That's my plan, to adjust the taxes taken from my OPM annuity as needed.
    This mornings update: Now the TSP has posted that the first monthly withdrawal was disbursed on 4/29. The amount is correct, and there's the beginnings of a statement, but it doesn't yet show the amount of taxes to be taken. It says it will be processed today. So I assume later today it will show the tax withheld and the net amount to me. And as you said, it says to expect it to take 3 to 5 business days for the funds to get to my account. Wish it was a consistent date, but it looks like my careful timing will work out well and I'll always get the deposit during the first few days of each month.

  8.  
  9. #149

    Join Date
    Dec 2009
    Location
    On a Florida beach
    Posts
    1,454

    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Tsunami View Post
    Thanks Scout. That's my plan, to adjust the taxes taken from my OPM annuity as needed.
    This mornings update: Now the TSP has posted that the first monthly withdrawal was disbursed on 4/29. The amount is correct, and there's the beginnings of a statement, but it doesn't yet show the amount of taxes to be taken. It says it will be processed today. So I assume later today it will show the tax withheld and the net amount to me. And as you said, it says to expect it to take 3 to 5 business days for the funds to get to my account. Wish it was a consistent date, but it looks like my careful timing will work out well and I'll always get the deposit during the first few days of each month.
    Just to finish up my TSP monthly withdrawals timeline, I received the direct deposit yesterday. So it took exactly one week, 5 business days, from the day I faxed the form to TSP to the day I received the deposit. And as I was hoping, I should now get the deposits either on the 1st or 2nd weekday of each month forever and ever.

    Meanwhile, nothing but silence from OPM on fixing the $19 error in my annuity. One last note regarding the federal taxes taken from the TSP monthly withdrawals...Since my TSP withdrawals are set at $2000/month, even though the amount of federal tax to be taken out is based on married and 3 allowances, that turns out to be meaningless...since, I assume due to the $24,400 exemption for married couples (and the fact that my annual withdrawals will be less than that)...they took out a grand total of ZERO taxes...so today I greatly increased the taxes taken from my annuity to make up for that. I wonder if adjusting taxes will be one of the things TSP fixes this coming fall when they roll out the new withdrawal rules.

  10.  
  11. #150

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,151

    Default Re: PessOptimist's Retirement Story

    Tsunami,

    Thanks for the updates.
    May the force be with us.

  12.  
  13. Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Tsunami View Post
    Just to finish up my TSP monthly withdrawals timeline, I received the direct deposit yesterday. So it took exactly one week, 5 business days, from the day I faxed the form to TSP to the day I received the deposit. And as I was hoping, I should now get the deposits either on the 1st or 2nd weekday of each month forever and ever.

    Meanwhile, nothing but silence from OPM on fixing the $19 error in my annuity. One last note regarding the federal taxes taken from the TSP monthly withdrawals...Since my TSP withdrawals are set at $2000/month, even though the amount of federal tax to be taken out is based on married and 3 allowances, that turns out to be meaningless...since, I assume due to the $24,400 exemption for married couples (and the fact that my annual withdrawals will be less than that)...they took out a grand total of ZERO taxes...so today I greatly increased the taxes taken from my annuity to make up for that. I wonder if adjusting taxes will be one of the things TSP fixes this coming fall when they roll out the new withdrawal rules.
    ok what do you mean by 24,400 exemption?

  14.  
  15. #152

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,993

    Default Re: PessOptimist's Retirement Story

    OPM amount has been finalized apparently.

    SO has applied for SS benefits and I have applied for spouse benefits based on her benefits. My own will continue to increase under delayed retirement benefits rules until age 70. That’s coming up quickly. I fall in to some age group that can do that. Reason is benefits for her will be more $ if I predecease her.

    Applied for a “full withdrawal” of the TSP. Was going to wait until later in the month but the CU notary offered to fax it so I said do it. At this point I don’t really care what day of the month it shows up, My TSP shows this status. Pending Full Withdrawal Request.
    $2500 per month. Under the new rules starting in September we can change that every month supposedly.

    SO was scheduled for back surgery at Stanford Hospital Redwood City CA in August but one of Dr Cheng’s minions called today and said it must be rescheduled. Though it was a firm date but apparently the good doctor has a conflicting appointment. I will not write my thoughts about this other than to say this is sounding much like the previous failed attempt here in Phoenix with Dr Rappaport.

    No fears in my mind about stating doctor’s names as they promise the perfect cure but so far produce no results other than still having to use a walker etc. I personally expect the same results from Stanford as came from the Arizona surgery only hoping she doesn’t come so near dying this time. Just costs more as it is Stanford after all.

    Just trying to keep cash flowing in during this time of uncertainty.

    Retirement income is about what I expected with a few $10k thrown in for medical care. Whatever, I probably won’t outlive the TSP money.

    PO

  16.  
  17. #153

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,151

    Default Re: PessOptimist's Retirement Story

    PO,

    Good luck as your retirement continues. Sorry to here about SO. My wife has some hip issues. Good days and bad.
    Because of the SS penalty I'm trying to wait until I turn 70. It looks like I get hit not as hard if I wait. Was going to start SS for the wife but she started working part time (16 hours a week) so we will wait. Don't want to take a chance and jump into the next tax bracket.
    May the force be with us.


  18.  
  19. #154

    Default Re: PessOptimist's Retirement Story

    [QUOTE=PessOptimist;623500]OPM amount has been finalized apparently.

    Applied for a “full withdrawal” of the TSP. Was going to wait until later in the month but the CU notary offered to fax it so I said do it. At this point I don’t really care what day of the month it shows up, My TSP shows this status. Pending Full Withdrawal Request. $2500 per month. Under the new rules starting in September we can change that every month supposedly.

    PO,

    Can you clarify the quote above? I'm not sure what "full withdrawal" means in the context of $2,500 per month. So I get that you will receive a check in that amount each month from TSP but I thought you'd have to leave funds in the TSP for them to withdraw from. Also, if the context is that the funds will stay within the TSP, do you have to have the funds in a specific Fund (ie: L-income) or can you still move among the funds as before requesting withdrawal?

    PS: Here's to hoping things work out for your SO.

  20.  
  21. #155

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,993

    Default Re: PessOptimist's Retirement Story

    [QUOTE=turbo23dog;623572]
    Quote Originally Posted by PessOptimist View Post
    OPM amount has been finalized apparently.

    Applied for a “full withdrawal” of the TSP. Was going to wait until later in the month but the CU notary offered to fax it so I said do it. At this point I don’t really care what day of the month it shows up, My TSP shows this status. Pending Full Withdrawal Request. $2500 per month. Under the new rules starting in September we can change that every month supposedly.

    PO,

    Can you clarify the quote above? I'm not sure what "full withdrawal" means in the context of $2,500 per month. So I get that you will receive a check in that amount each month from TSP but I thought you'd have to leave funds in the TSP for them to withdraw from. Also, if the context is that the funds will stay within the TSP, do you have to have the funds in a specific Fund (ie: L-income) or can you still move among the funds as before requesting withdrawal?

    PS: Here's to hoping things work out for your SO.
    t23d, “full withdrawal” is TSP speak for monthly payments, among other options. Under the current rules retired participants can do one partial withdrawal or a “full withdrawal”. Full withdrawal options are lump sum (take it all) as cash or rolled in to another tax deferred account, buy a life annuity from MetLife insurance company or take monthly payments based on life expectancy or in a monthly amount you choose. I requested $2500 per month which TSP calls a full withdrawal. Right now I can change this amount once per year. The page below explains it all or has links that do.
    https://www.tsp.gov/PlanParticipatio...ngAccount.html

    I can still do interfund transfers under the current rules as long as I have money in the TSP account. There are no restrictions on what fund they are in. I cannot contribute to my TSP other than roll an existing retirement account in to it.

    On September 15th withdrawal rules change as explained at https://www.tsp.gov/PDF/formspubs/tspfs10.pdf

    I hope this helps. No idea why they call the monthly payment option a “full withdrawal”’

    Saw this message this morning on the TSP site.

    Rejected Full Withdrawal Request.
    Your full withdrawal request was rejected during processing. An explanation has been sent to you at your address of record.

    I called the thrift line and found out that SO put the wrong date next to her notarized signature. We get to renotarize and resubmit.

    PO

  22.  
  23. #156

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,993

    Default Re: PessOptimist's Retirement Story

    Re-notarized and re-faxed the TSP form 70 Tuesday. Today my withdrawal status shows: Pending Full Withdrawal Request submitted 06/27/2019.
    You have a pending full withdrawal request (View Withdrawal Request) that should be effective as of close of business 06/28/2019. You may cancel this request until 12:00 noon, Eastern time, that day.
    I do hate that term "full withdrawal" but do understand as warned several times that it is an irreversible action, only the amount can be changed.

    PO

  24.  
Page 13 of 16 FirstFirst ... 31112131415 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P500 (C Fund) (delayed)
PessOptimist's Retirement Story
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
PessOptimist's Retirement Story
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
PessOptimist's Retirement Story
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
PessOptimist's Retirement Story
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes