Post Retirement Question

[dell]

Re: G Fund

If I retired 31 January 2006, how soon can I (a) make a partial one time withdrawal and (b) how soon can I begin drawing a set amount on a monthly basis from the G Fund to supplement my anniuty?

Thanks _ Dell

 

[Spaf]

Re: G Fund

If I retired 31 January 2006, how soon can I (a) make a partial one time withdrawal and (b) how soon can I begin drawing a set amount on a monthly basis from the G Fund to supplement my anniuty?

Thanks _ Dell

I don't know about the withdrawl, you need to talk to the TSP folks. However, after you retire give OPM time to get the paperwork to TSP, about 2 weeks. Get one of their tsp-70 forms. Fill it out for a monthly withdrawl. But please call them first, that form is a [bleep]. Make sure that you and TSP are on the same page.

Rgds, and be careful!.............. .................Spaf

 

[dell]

Spaf: Thankyou very much.

Best - Dell

 

[EW_ret]

In my case, TSP was aware that I was separated about the same time I received my first monthly pension check from OPM; about 31 days after I retired. I believe it’s your employing agency that notifies TSP that you’re separated. This occurs when they send your retirement package to OPM. I noticed I could perform unique functions at the TSP online site, like change my address, or apply for a withdrawal as a separated participant. Only separated employees can perform these functions online. About six or seven weeks after I retired, I received a letter from TSP notifying me that I was reported as separated.

Form TSP-77 is used for a partial withdrawal of funds, and form TSP-70 for full withdrawal, for civilian employees. If separated military, the forms are TSP-U-77 and TSP-U-70. Prior to the recent phishing attack, you would fill these forms online by clicking the Withdrawal button. I’ am unsure if this is still possible.b

 

[dell]

Thanks for the good info
Dell

 

[RESQ264]

The one time partial withdraw... (form 77) Is that considered a taxable distribution? and... Will you take a 10% hit on the partial withdraw because its prior to age requirements? It must be, otherwise I could partialy withdraw 99% of my account then disburse the 1% in monthly payments,(form 70) exhaust the account and go away tax free. Insight?

"You must wait until after the effective date of your retirement to sign, date, and mail a request for withdrawl to TSP."

 

[Buster]

Do you still have to be 59.5, in order to withdraw without penilties?

 

[mayday]

Do you still have to be 59.5, in order to withdraw without penilties?

NO you don't have to wait.http://www.cbiz.com/page.asp?pid=4726