I'm sorry to hear that, Mitchhyman. Checking my bank account today the 19th, there's no deposit from TSP so I've got my fingers crossed the cancellation went through. Still no confirmation either on the website or in my email. I would be livid in your situation. I'm fully retired and taking my RMDs some of which are coming out of stocks. I've already taken the required amount for the year so taking any more would have cost me. I think maybe there'd be a legitimate lawsuit if participants lose money in a down market purely due to TSP incompetence. You've documented your calls to TSP here in the forum even if you don't have any confirmation emails to prove your request. I'd keep calling until you get results, painful as it is.
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Or you can now use TapaTalk again!Monthly TSP Withdrawal Question
- Thread starter Cobra
- Start date
Tsunami
Well-known member
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I just got off the phone with ThriftLine. One hour and 13 minutes.
I called to increase the amount of my monthly installment payment since I turned 62 last month and need to make up for the loss of my FERS Supplement. Here's how the call went.
I called right at 7 am eastern...but I'm in Page AZ in a hotel room, 5 am here...
Call #1, hold time of just 2 minutes...the rep wasn't sure what to do, and she had me on hold...during that time I accidently hung up the call, argh...(and I learned from the next rep that they don't have the ability to call people back!...she said that within 2 seconds they get another call to answer, so no call backs, that's a problem)
Call #2, hold time of about 5 minutes...the rep had no clue how to do it, and her computer options didn't let her do anything. I said that I think it requires two steps, stopping the current monthly installment, then starting the new one...after 20 minutes she finally confirmed that with her manager...lots of typing...more typing...she put me on hold...and never came back....20 minutes of elevator music, then a new person introduced herself, not knowing what I just went through...
Person #2 on Call #2...jackpot, this rep knew how to do it...she put in the request through her computer to stop my current installment and explained that when it was approved that a new button would show up in the Withdrawals section of my online account that will let me set up the new installment payment before 8/15, the date when I want it to happen...but while on the phone she checked and saw that her request to stop my current payment was already approved/completed, so she went through the process over the phone with me to set up the new installment payment. That was painless except one number she needed was the last four digits of my checking account where the deposit is to be made, and I'm traveling and don't have my checkbook...fortunately I was able to log into that account and get the digits while she waited...she confirmed it was done except for the final step, which is for my wife to OK the installment payment, and I was told this can be done online via Docusign...which is critical since in a few days my wife will be joining me on my 84-day epic road trip around the country and neither of us will be getting any physical mail for many weeks.
So mission accomplished, and hopefully the website will be updated by January for anyone to go through this process online without calling them (I plan to do it every January to adjust for inflation, and eventually cut the payment way down when I start my Social Security benefit at age 67 or later).
6:35 am here in Page AZ...time for breakfast then a scenic drive and some short hikes (it's freaking hot!) on my way to Bryce Canyon NP today, and beyond... Capital Reef NP...Great Basin NP...Reno...California...up coast to the redwoods and Oregon coast very slowly...Portland, then a full week in a cabin by Mt. Rainier for the highlight of my trip...and that's only the halfway point...it's so nice not to have to rush vacations.HappilyRetired
New member
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
VERY good info Tsumani. Can you confirm that after your previous withdrawal was successfully cancelled, that a NEW button to create a new withdrawal amount showed up? I see no button like this, but I also have a current withdrawal in place. I'd like to know because if I talk to somebody on the phone and they can't cancel it on the spot, seeing that button appear might be the only way I know my previous withdrawal was cancelled. Enjoy your trip!
PessOptimist
Well-known member
Tsunami, thanks for the info and having the patience to wait all that time. I too need to change my monthly installment payment as I now get full SS at 70.
I used to work in Page occasionally. You may have noticed a large power substation on the left opposite the dam and/or a large radio tower. I spent a lot of time at both locations and inside the dam. I had a chance to transfer there around the turn of the century. Drove up from Phoenix with the SO to look around. We didn't even get to the top of the hill on N Lake Powell Blvd before she started saying No, No, No. Just a city girl, LOL. Lots more stuff there now.
PO
Tsunami
Well-known member
Re: NEW WEBSITE IS NOW ACTIVE- SIGN UP NOW.
I made it to Bryce Canyon City, boy am I pooped, a long but fun day of driving/hiking and photos...I went up Cottonwood Canyon Rd....not for sedans like mine but I did it, 40 miles of rocks and bumps and washboard roads and just unbelievably beautiful scenery, and I only saw 3 other cars over 3 hours!
So...I just logged into my TSP account, and yes, there is now a link at the bottom of my withdrawals page called "Installments - Automatic Withdrawals" and a button next to that which says "Model Installments".
I'm assuming I don't need to do anything with it since the rep already handled everything for me, but when I click on the Model Installments link it then takes me to a page where I can choose between a fixed dollar amount installment payments, or life expectancy installment payments. I'll just have to wait until 8/15 to see if I receive the revised installment amount I requested. If not I'll curse a lot and then do it online in my account.
The key lesson learned in my experience is that you have to get hold of one of the reps that knows what they're doing. The first two I talked to were clueless. They need training.
PessOptimist, yep I think I remember seeing that near the Glen Canyon Dam viewpoint. What the heck is that tunnel at the end of Tunnel Access Road for, do you know?
https://www.google.com/maps/place/C...2dd3ace5439cb!8m2!3d36.9142684!4d-111.4940643
Tsunami
Well-known member
An update in my quest to change my monthly installment payments...two business days have passed and my wife hadn't received the promised email to acknowledge the change in my payment, so I went into my account and set up the new installment payment using the new link that was added to my Withdrawals page.
It was very easy, except there was no step to specify I wanted no federal tax withholding...but the final confirmation does show $0 withholding, maybe since that's what I told the rep on the phone last Friday morning.
So now hopefully my wife will get that email soon...
Edit, only minutes later my wife got the email from TSP to acknowledge my request via DocuSign.
Mitchhyman
New member
Because my phone line request to cancel my installment payments one month ago never went through, I tried again this morning. I called at 7:05 am and got through to a rep in five minutes. He said he cancelled the installment payments, although he also said I will not receive any email confirmation of that. But this is the first time I spoke to someone who can actually make the changes while on the phone.
Right after the phone call I checked my account and a new model installments button had appeared under my withdrawal tab. If I follow the link it appears to allow actually setting up withdrawals (not just modeling, which is confusing), although when I checked to see if it worked I reached a dead end with an information not available message so right now I can’t set up a new installment plan on the website. After two months the website is still a work in progress. And I find it disturbing that I can’t get any email or message confirmation of
my cancellation.
James48843
Well-known member
I talked yesterday with the Director of External Affairs, Kim Weaver; and with a phone guide/agent at the Thrift line.
My understanding is - that it takes a full day to cycle, after you cancel, for the system to fully reset and set up for you to try again.
Not sure if that fully explains it, but they both knew it took a big of time to work through a reset command.
You might want to try again - and maybe it will be visible next time.
Sent from my iPhone using TSP Talk ForumsMitchhyman
New member
To clarify, after calling to cancel my installment payments, the option to set up an installment payment is visible on my withdrawals screen, but when I try to see if I can set up a new fixed amount installment plan I get an “information not available” message. This is happening four days after my call to cancel. Still not even sure the cancellation worked as I have not received any kind of electronic or written confirmation.HappilyRetired
New member
Tsunami mentioned that there was no explicit option (or not) to specify tax withholding in setting up installments. This is a big deal for me, as I have all my withholding done on OPM. One simple place I can raise or lower my amounts. This should not be a guessing game.
Edit: After talking to my wife, she reminded me that in the past, TSP would not take out taxes on our monthly installments. That's why we upped the amount taken out in OPM. This is fine with me (as long as we know what's happening).Last edited:
Tsunami
Well-known member
That's correct, I was not able to specify the amount of tax withholding, but it might have been specific to me since perhaps the rep I talked to set it up that way per my request???
When I set up my new monthly installment payment it just said there would be $0 federal tax withholding, and it was in red text.
My wife was able to do the DocuSign acknowledgement of the monthly withdrawal in just a couple of minutes (she got the email to do that a few hours after I set it up with the newly added button in the Withdrawal section of my account, which I did on the Monday after I had talked to the rep on a Friday...at first I thought the rep had done it for me, but now I'm thinking not, so I had to do it myself with the new button...and all the rep did was get it set up so that new button would be there for me, and maybe she set the withholding to $0 for me, otherwise maybe I could have specified that myself, not sure).
So now I'm just waiting to see if the withdrawal of the revised amount happens in mid-August as planned. There's nothing in my account online to indicate that it will happen, no "secure message", no email to me, no letter, nothing.
I don't understand why (per James' interview) that they've purposely set it up to require people to call in to change their monthly withdrawal amount. I don't understand the logic.
I'll have to do that ever January when I adjust the amount upwards for inflation, and then eventually way down when I start collecting social security.
PessOptimist
Well-known member
When you stopped the current installment payment, did your spouse have to sign a document?
PO
Tsunami
Well-known member
No, just to start the new one.
Tsunami
Well-known member
Yay, I actually got the increased monthly installment payment this month. So the process was painful, but worked.
I was hoping that I could change my monthly payment from within my account from now on (every January I'll give myself a COLA increase), but now I see that the link to do that has disappeared!
So it was just a temporary one-time thing that the rep added somehow, and I guess I'll have to call them every time I want to change the amount. That's ridiculous.
Thanks FTRIB, for giving me yet another reason to close my TSP account.
Having a great time on my trip...we're now in Portland, OR...Mt. Rainier is next...
James48843
Well-known member
That’s what I am hearing- that in order to make a change, you first have to STOP the monthly payment, then wait a day for that to process, and THEN the little button reappears to start requesting a new payout process.
Note: you are saying they processed your August withdrawal?
I just checked, and nothing has been Taken out for me for August. Yet I was supposed to get a $3k payment taken out August 15.
Anybody else not showing the August 2022 monthly withdrawal from their accounts? Is it just me?
Sent from my iPhone using TSP Talk Forums
evilanne
Well-known member
I got text Monday saying payment would be made. by 8/17, today my payment is showing in TSP and in my bank account. (I'm on life expectancy payments and haven't made any changes)
Account Activity only shows gross withdrawal. Today I found breakout under Savings & Retirement/Savings Plan/Payment History, I found where they showed taxes withheld and actual deposit amount. This is from upper left hand corner, circle with 3 lines. Nothing is easy to find on the new site.
ALRetiree
Member
Well I’ll add my positive experience with the TSP hotline since we read a lot of negative stuff. I needed to change/cancel my monthly payment to a different amount to satisfy underwriting for a loan we are working on in the midst of moving and buying and selling a home. I called the number about 8:30 this morning and navigated the menu to get to a nice lady who helped me very cheerfully and handled my issue very well. I didn’t have to wait on hold at all. Now she did say if I had to call operations that I would have to wait a long time so I think it matters what you’re trying to do.
Anyway it’s easy it seems to start a payment without talking to anyone on the app but I did have a positive interaction today on the phone changing it.Similar threads
