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Federal Retirees


For those approaching retirement as well as the currently already retired, here is a forum to share ideas and thoughts and exchange questions and answers.


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Leon Ramseur  
#1 Posted : Sunday, February 28, 2010 3:26:39 AM(UTC)
Leon Ramseur

Rank: Newbie

Groups: Registered
Joined: 11/7/2007(UTC)
Posts: 25

How long does it take to start receiving a monthly withdrawal and once you start it can you cancel it?
oktoots  
#2 Posted : Sunday, February 28, 2010 4:54:32 AM(UTC)
oktoots

Rank: Senior Member

Groups: Registered
Joined: 10/17/2009(UTC)
Posts: 2,485

I assume you are already retired, so you would allow 2-3 weeks after submitting your completed request.  Once you start receiving payments you can make a one-time change to the dollar amount during the annual change period or you can at any time change to a final single payment (Form TSP-73).
 
After payments begin, you cannot change your withdrawal choice. Requests entered in to the TSP system by 12 noon are processed that night. So you must cancel within that small window.
multiple identities to 0%
W2R  
#3 Posted : Tuesday, March 02, 2010 12:35:03 AM(UTC)
W2R

Rank: Senior Member

Groups: Registered
Joined: 12/14/2006(UTC)
Posts: 283

I mailed off the form for equal monthly payments on January 6th, and the first payment was direct deposited on January 26th.
 
Interestingly, the second payment was direct deposited on February 24th, so I guess that the payments will continue to show up at that time of the month rather than on the first like my FERS payments.
 
Even though you can't cancel the equal monthly payments, once a year you can change their amount. I think the minimum is $25/month, which would only be $300/year - - almost the same as cancelling the payments.
champinent  
#4 Posted : Tuesday, March 02, 2010 2:36:32 AM(UTC)
champinent

Rank: Advisor

Groups: Registered
Joined: 10/3/2001(UTC)
Posts: 195

I also started TSP withdrawal this year.
Jan and Feb were withdrawn on the 26th of both months.


yakers  
#5 Posted : Sunday, March 07, 2010 8:38:42 PM(UTC)
yakers

Rank: Advisor

Groups: Registered
Joined: 2/13/2006(UTC)
Posts: 170

My monthly TSP withdrawals are on the 19th of each month, takes a few days to end up in my checking.
mmthomas  
#6 Posted : Monday, March 08, 2010 1:02:21 AM(UTC)
mmthomas

Rank: Groupie

Groups: Registered
Joined: 11/1/2006(UTC)
Posts: 78

I think the TSP will increase the amount of the periodic payment on the last payment of the year to make up for your RMD, if you haven't taken enough that year.

I would like to hear from someone that has actually experienced this.

I am thinking of requesting $5/month (I think that is the minimum)

tigro  
#7 Posted : Monday, March 08, 2010 1:06:28 AM(UTC)
tigro

Rank: Rookie

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Joined: 3/7/2010(UTC)
Posts: 31

Can some one tell me the best way to grow your TSP? I'm 41 and want to be ready for retirement. What if your in a 20 yr position? I need all the help I can get. Thanks
TwoUnderPar  
#8 Posted : Monday, March 08, 2010 9:39:25 AM(UTC)
TwoUnderPar

Rank: Senior Member

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Joined: 10/25/2008(UTC)
Posts: 195
Man
United States

mmthomas:
 
I don't believe the RMD kicks in until the year you turn 70 1/2 years old.  I'm not that old... so I haven't experienced that yet!
<font size="1"><font color=BLUE>Retired December 2011 at age 55 years-2 weeks-6 days.</font></font>
TwoUnderPar  
#9 Posted : Monday, March 08, 2010 9:55:16 AM(UTC)
TwoUnderPar

Rank: Senior Member

Groups: Registered
Joined: 10/25/2008(UTC)
Posts: 195
Man
United States

Tigro:
 
The best way to grow your TSP is to put in the IRS maximum every year.
 
I'm over 50 so I put in $20,500 in 2008 and $22,000 in 2009.  I plan to keep doing this until I retire.  My contributions were in the $14K to $16K range before I turned 50.
 
Even though I'm CSRS.... the TSP will pay out to the extent that I will continue to have the same take-home pay after I quit going to work.
 
Your money or your life.  If you put $16K in your TSP every year you could easily have over $800,000 at retirement if the markets are decent.
<font size="1"><font color=BLUE>Retired December 2011 at age 55 years-2 weeks-6 days.</font></font>
Upminster  
#10 Posted : Thursday, March 25, 2010 4:33:10 AM(UTC)
Upminster

Rank: Newbie

Groups: Registered
Joined: 3/25/2010(UTC)
Posts: 12

I put the max into TSP for 15 years ( I also have military and CSRS years to bring me up to 33 years service ) while my same-age same-grade colleagues didn't.  I retired at 57 and five years on they are still there wishing they could afford to retire.  The keys are ( 1 ) put in the maximum amount to TSP, ( 2 ) live within your income, and ( 3 ) retire to someplace other than the DC area where it is both nice and affordable.  So now I am comfortably retired, have more than I need for hobbies and traveling, mortgage paid off long ago, and adding $20,000 a year to my savings.
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