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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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wyoman  
#1 Posted : Wednesday, April 19, 2017 8:08:11 AM(UTC)
wyoman

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I'm planning on retiring at age 62 which is before my full retirement age. If I take out TSP funds before my full retirement age, am I penalized on my SSI of loosing $1 for every $2 of earnings? I know it is counted as earnings as far as being taxable income for the year but will it affect my SSI check?
thanks 1 user thanked wyoman for this useful post.
GordonG on 4/25/2017(UTC)
TheRealOrange  
#2 Posted : Wednesday, April 19, 2017 9:44:30 AM(UTC)
TheRealOrange

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Originally Posted by: wyoman Go to Quoted Post
I'm planning on retiring at age 62 which is before my full retirement age. If I take out TSP funds before my full retirement age, am I penalized on my SSI of loosing $1 for every $2 of earnings? I know it is counted as earnings as far as being taxable income for the year but will it affect my SSI check?


No. The TSP withdrawals are treated as interest or dividends from investment for that purpose.

Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.

https://faq.ssa.gov/link...Social-Security-benefits

thanks 2 users thanked TheRealOrange for this useful post.
wyoman on 4/19/2017(UTC), GordonG on 4/25/2017(UTC)
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