New monthly installment policy- a head scratcher

[Khotso]

I will. I'm just giving them some time to resolve the issue.

Morning -- well it is still here in OR anyway. Just wondering OcoeeFL, any new info/updates on your issue? I'm thinking I may most of my TSP account over to Vanguard since I will be withdrawing funds/required to take RMDs next year and don't want to run into unnecessary tax problems.

I'm thinking I'll keep a small amount in TSP in case they ever fix the current problems and fees remain significantly lower than Vanguard .... so I can roll $ back into TSP if I want.

 

[OcoeeFL]

I never thought about closing out my TSP account until this change over. I can't do anything until I am able to switch over to installment payments so let us know if you get this resolved.

I will. I'm just giving them some time to resolve the issue.

 

[evilanne]

I never thought about closing out my TSP account until this change over. I can't do anything until I am able to switch over to installment payments so let us know if you get this resolved.

 

[OcoeeFL]

Hi all. I'm 63 and I've been retired now for five yrs and getting my monthly installments without any issues, until the new system came online last May. In the past i've been able to change my installment amount with no issues taking under consideration my tax bill. I have multiple sources of income and need to plan accordingly. Last mth ( Jan 2023) i tried to change my installment amount only to find out that i had to call them and also that they have a Life Expectancy policy in place and that the minimum i could take out was $3,200 a mth ! I was shocked to hear that. I did some digging and saw they still have the Fixed Dollar amount installment option. I called them back and to my surprise their quote under the Fixed Dollar amount was the same. I asked how was that possible and her explanation was that the system has a glitch and that they were working on it but that there was no specific date for it to be fixed. My problem(s) started last May when the new system came online i had no Installment button or icon to process my own changes. I had to call them to do that. In the past i never had to call them. I made all the changes online. Another issue is, you are limited to the amount of transactions you could make in a mth. If i call to change my installment then i couldn't take money out on a partial payment until the following mth. What if there is an emergency and i need money in a hurry? I think by now you get my point, this new system was a step backwards. I'm seriously considering going with Vanguard.