Thread: Monthly TSP Withdrawal Question

Originally Posted by blindspeed

ThiftLine Service Center
Phone:
1-877-968-3778 (United States, toll-free)
+ 1-404-233-4400 (Outside the United States, not toll-free)
7 a.m. – 9 p.m. eastern time, Monday through Friday
Fax:
1-276-926-8948
Mail:
ThriftLine Service Center
C/O Broadridge Processing
PO Box 1600
Newark, NJ 07101-1600

Making Changes to Your Installments
After your installments are set up, you can make changes to them at any time by using one of the
ThriftLine options listed at the beginning of this booklet.
You can make the following changes whether you’re receiving installments of a fixed dollar amount or
based on life expectancy:
• stop installments
• change the source of installments (traditional, Roth, or both)
• start, stop, or change direct deposit of your installments
• change your federal tax withholding
The following changes can only be made if your installments are of a fixed dollar amount:
• change the dollar amount of your payments
• change the frequency of your payments
• start rolling over traditional money (not Roth) from your installments to an IRA or eligible employer
plan (only if installments are expected to last less than 10 years)
• change or stop rollovers (if currently doing rollovers)

I just logged in and under withdrawals I didn't see any option to set up monthly installments...
DiD you set up monthly Installments on line?
Thank YOu

I retired in September, in November I set up a monthly installment on line. In february, I got back online and changed the monthly amount and added some extra fed tax. All was done online... no problems. When the new TSP came on line, I wanted to see if my monthly installment had the survived the upgrade. Like you, I went to the withdrawal page......and saw several withdrawal options but none for a monthly/yearly/quarterly option. I am assuming that since I have already started an installment plan it will continue as before but I no longer have any online options and will need to call the thrift helpline for any changes. Since I started installments in November, the amount was removed from my TSP account and deposited into my bank account no later than the 7th of each month. Someplace in the TSP literature I read that the new date for the payment will be after the 15th of each month. I will give it until the 20th to show up before calling the helpline. Time will tell, but I have the feeling that they want to make withdrawals as painful as possible.

Originally Posted by Cobra

I set up a withrawal today but I can't change the amount of federal Tax withheld to a lower number than the site recommends.

However, when you read the instructions on how to change the withholding: you should be able to have federal tax withheld at Married with 3 dependents if making periodic withdrawals which would be less than what the site recommends.

I was able to set up a one-time RMD withdrawal today and specify NO tax withholding. Which is what became available late last year. Can NOT set up recurring withdrawal, however. Hopefully that becomes available in days/weeks to come.

Originally Posted by Smoke

I was able to set up a one-time RMD withdrawal today and specify NO tax withholding. Which is what became available late last year. Can NOT set up recurring withdrawal, however. Hopefully that becomes available in days/weeks to come.

I checked the site this morning and there hasn't been any upgrades to allow monthly installments.

Originally Posted by Cobra

I checked the site this morning and there hasn't been any upgrades to allow monthly installments.

My understanding is that they forgot to include monthly installments in the requirements. A patch is supposed to be rolled out to do it by the end of June. I’ll believe it when I see it.


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Thank you for the information.... Will wait and see as well

Supposed….. (Jeeze!)


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I too have been trying to change my distributions amount. No luck! I did find a new problem. It appears that the system has a limit on how many sms verifications it can send out. I could not log in due to the system limit! Bullshits ass!!

E5761E72-26AE-4401-9DE6-F242C25A1809.jpg

Well, the 10th has come and gone and no upgrade or fix for this problem I guess I shouldn't be surprised, this whole "upgrade" thing has been a fiasco. Today is the 15th and supposedly my monthly installment should be in my bank account, but of course it is not. Hopefully tomorrow .... or the next day. This is really shameful how this website was thrown together.

Originally Posted by littlfish

Well, the 10th has come and gone and no upgrade or fix for this problem I guess I shouldn't be surprised, this whole "upgrade" thing has been a fiasco. Today is the 15th and supposedly my monthly installment should be in my bank account, but of course it is not. Hopefully tomorrow .... or the next day. This is really shameful how this website was thrown together.

I'm in the same boat- I don't have any idea whether or not the monthly payment, which was supposed to be on the 15th, is going to show up soon. I WAS able to get a partial payment set last week- and it came out of my fund, but took three days before it showed up in my bank account.

If they are saying that take the money out on the 15th, rather than PAY on the 15th- that means it won't hit my bank account until at LEAST friday- and maybe not until Monday. That would be a disaster. I have bills to pay set on pre-pay. My biggest worry is it won't come at ALL. if that happens, I'm really going to be not happy.

If it doesn't show up on time, and doesn't come AT ALL- then I'm thinking a lawsuit is appropriate. I'm going to have additional fees if the money I'm supposed to get my money- which previously was coming monthly on the 10th- . if it doesn't show up at all, I'm going to have a bad day.

Originally Posted by James48843

I'm in the same boat- I don't have any idea whether or not the monthly payment, which was supposed to be on the 15th, is going to show up soon. I WAS able to get a partial payment set last week- and it came out of my fund, but took three days before it showed up in my bank account.

If they are saying that take the money out on the 15th, rather than PAY on the 15th- that means it won't hit my bank account until at LEAST friday- and maybe not until Monday. That would be a disaster. I have bills to pay set on pre-pay. My biggest worry is it won't come at ALL. if that happens, I'm really going to be not happy.

If it doesn't show up on time, and doesn't come AT ALL- then I'm thinking a lawsuit is appropriate. I'm going to have additional fees if the money I'm supposed to get my money- which previously was coming monthly on the 10th- . if it doesn't show up at all, I'm going to have a bad day.

They are slow on everything. I have just the opposite. Last week I requested a direct payment to pay off a loan and per the notice I got when requesting it, it would take 1 week for them to pull it from my bank and another week for them to post it to the loan. 14 days for direct debit. That's crazy, If yours is the same slowness it could take awhile.

Aren't we supposed to have advanced past the stone age. Well I guess the normal word has, just not TSP, they have taken steps to go backwards.