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Alert – New TSP Withdrawal Options

Posted By Dennis Damp On In ANNUITIES / ELIGIBILITY,ESTATE PLANNING,FINANCE / TIP,RETIREMENT CONCERNS | Comments Disabled
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On September 15th the TSP will implement new withdrawal options for all participants. I published an article last March titled TSP Changes & Required Minimum Distributions (RMDs) [2] discussing the pending changes and how RMDs will be handled under the new rules.

Request a  Federal Retirement Report™ [3]  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

You will have more options for how and when you can access money from your TSP account. These options fall into the following categories:

If you visit the TSP site the current withdrawal options are still listed, this will change on or about September 15th.  To fully understand the new withdrawal options, download the TSP’s “Questions and Answers About Changes to the TSP Withdrawal Options.” [4]  Print a copy of this document for your records so you will have it available when it comes time to withdraw your first RMD at age 70 ½ or require funds at any time from your account. I withdrew my first RMD this past month. If you call the TSP at 1-877-968-3778, they will provide the amount you need to withdraw for your RMD to avoid an income tax penalty. Before leaving the TSP evaluate your options. Here is a list of articles and resources that you may find helpful when considering leaving the Thrift Savings Plan [5].

Jobs Update (Retiree Opportunities) Employers continue to recruit federal retirees and those soon to retire. A number of companies post job vacancies on our Jobs Board [9] and you will find listings for both part and full time positions at locations nationwide. Those with security clearances [10] also have many opportunities to consider. The good news for anyone that wants to work is that “For Hire” signs are posted everywhere today. With an unemployment rate of 3.7% the country is at full employment. The only way for companies to find more employees is to attract those who voluntarily stopped working, including retirees. Wages are increasing so that is good news for anyone interested in supplementing their retirement income. We recently added a Senior EHS Specialist position with AECOM. They need specialists at West Point, PA, Durham, NC and Elkton, VA that may interest some of our newsletter subscribers. Visit our jobs board [9] to explore opportunities in your area.

Helpful Retirement Planning Tools / Resources

Request a  Federal Retirement Report™ [3]  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections

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Disclaimer:Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

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