How will my TSP monthly payments be taxed by Fed?

[secrt007agt]

I am retiring at the end of July 2008 from a law enforcement agency and I would like to know how my TSP monthly withdrawals would be taxed? I am 57 and facing mandatory retirement. I am also assuming that if I choose to take monthly installment from my TSP account, that these will not effect my so called SS off-set payments. Thanks I am kinda new at these retirement issues.

 

[roskopfm]

it will be taxed as addtional income. You will be liable for taxes at what ever tax bracket you are in. It wont affect your offset. I would recommend to figure out where your tax situation is and take just enough so you dont go into the next tax bracket to maximum the amount you keep after taxes.

 

[Guest2]

I have a question. When you retire, do you receive a single check each
month from the government which includes Pension, Suppliment and TSP
Monies ? Or, do any of them come seperate from one another. I would
think that this is a centalized issuing of a single check for all monies. But
I never asked anyone who is currently retired as federal law enforcement
officer. Thanks in advance.

 

[XL-entLady]

I have a question. When you retire, do you receive a single check each
month from the government which includes Pension, Suppliment and TSP
Monies ? Or, do any of them come seperate from one another. I would
think that this is a centalized issuing of a single check for all monies. But
I never asked anyone who is currently retired as federal law enforcement
officer. Thanks in advance.

Unless law enforcement is different than most FERS, you'll get separate checks. And they don't come on the same date either. My annuity (pension) and TSP checks are deposited into my account almost 2 weeks apart.

Lady

 

[Guest2]

Unless law enforcement is different than most FERS, you'll get separate checks. And they don't come on the same date either. My annuity (pension) and TSP checks are deposited into my account almost 2 weeks apart. Lady

Wow, how interesting is that ! Thanks Lady, good to hear from ya !
Anyone else thats has a similar or different experience to share, please
do for all our members.

 

[Zebra]

Ok, listen to this. My best friend and I are military retirees......my friend retired from FERS last Dec. 07 and this is what he briefed me on concerning retirement checks. He stated, "my FERS pension check, my TSP, my Socical Security and my military pension all come in at different times of the month.

 

[Guest2]

Ok, listen to this. My best friend and I are military retirees......my friend retired from FERS last Dec. 07 and this is what he briefed me on concerning retirement checks. He stated, "my FERS pension check, my TSP, my Socical Security and my military pension all come in at different times of the month.

I believe thats accurate. I am not military, however, I believe when I retire
I'll get ----> FERS Check (including Suppliment)
----------->TSP Check
-----------> Social Security Check

ALL AT DIFFERENT TIMES OF THE MONTH :embarrest:
direct deposit is the way to go !

 

[Gumby]

direct deposit is the way to go !

Absolutely.....you don't want to waste all that gas hauling those checks to the bank!

But DD won't give you a good excuse to get out of the house and stop by the tavern

 

[Frixxxx]

But DD won't give you a good excuse to get out of the house and stop by the tavern

Only if that's where you make the DD.

 

[Gumby]

Only if that's where you make the DD.

I hadn't thought of that....just get their routing number and you can get your tab paid electronically.

 

[Birchtree]

And remember the more you take the higher your total tax bracket. You can prolong your application for social security and won't have to do required minimum distribution from TSP until you are 701/2. You can't hide a military pension - it will arrive regardless. And if Obama gets elected he'll have both his hands in your pockets using your money to distribute food stamps to the less fortunate - unless you don't mind playing great Uncle to the 70% of out of wedlock children you will be supporting because 56% of those households don't have a dad around to help with the dishes.

 

[merlin]

Do disabled veterans loose their disability retirement when they retire from a Federal agency or The Post Office?

 

[rokid]

And if Obama gets elected he'll have both his hands in your pockets using your money to distribute food stamps to the less fortunate

A 2002 USDA study investigating the use of the Food Stamp Program (FSP) found that: "...food stamp use is quite common during both childhood and working-age adulthood: 49 percent of American children receive food stamps at some point by the time they reach age 20, and 51 percent of American adults participate in the FSP sometime between the ages of 20 and 65."

The study also found that: "...food stamp use across the life course tends to occur over relatively short periods of time. For example, while half of all children receive food stamps some time before age 20, only 1 in 10 will do so in 5 consecutive years."

-----Jim

 

[Spaf]

All your incoming checks will come in at what ever criteria the particular agency/service set up.
I have to mark my calendar when to expect the deposits
Oh yes, always use direct deposit.


BION (believe it or not) we had a 6 year old girl going through mail boxes taking mail out. Called Post Office, referred to Sheriff. She was staying the week with relatives.......yada......yada.......yada.......:blink:

Wow, how interesting is that ! Thanks Lady, good to hear from ya !
Anyone else thats has a similar or different experience to share, please
do for all our members.

 

[justbizness45]

Do disabled veterans loose their disability retirement when they retire from a Federal agency or The Post Office?

No, however I'm pretty sure it counts against your total income for if your social security gets taxed or not.