-
Welcome to the TSP Talk Forums forums.
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content, join our AutoTracker, and access many other special features. Registration is simple and absolutely free so please, join our community today!
If you have any problems with the registration process or your account login, please contact us. -
Please read our AutoTracker policy on the IFT deadline and remaining active. Thanks!
-
$ - Premium Service Content (Info) | AutoTracker Monthly Winners | Is Gmail et al, Blocking Our emails?
Find us on: Facebook & X | Posting Copyrighted Material
-
Join the TSP Talk AutoTracker: How to Get Started | Login | Main AutoTracker Page
-
The Forum works well on MOBILE devices without an app: Just go to: https://forum.tsptalk.com ...
Or you can now use TapaTalk again!
Stoplight's Retirement Story (FERS, Gap in Service, Military Buy-Back)
- Thread starter Stoplight
- Start date
Stoplight
Active member
You're NOT Going to Believe This One !
So I log in to TSP this morning, just to see if anything had changed. Now, there's a NEW "message alert" that says my withdrawal request was submitted 10/9, and would be processed 10/10 (today). There's also a stern warning that my request could no longer be changed or cancelled. Well, that's good news, right ?
WRONG !!! The message has a link to "view your request", so I look there, and it shows them cutting ME a check, rather than transferring it to my IRA !!!
I call them up, and explain to the rep that I DIDN'T want a check, I wanted to transfer to my IRA ! After a few times being put on hold (I'm sure a supervisor was being consulted on this one !), she comes back and tells me that they looked at my fax...the 3 page app was a 4 page fax in their system...page 1 was good, page 2 blank, page 3 was the spousal consent, "...and page 4 was black..." So the 3rd page, which is optional, and has the IRA custodial info and signature on it, was not received correctly !!! Do they call me and tell me the fax was screwed up, or even reject my app again because the fax was screwed up ? Nope...they processed page 1 and 2...
Can you imagine how "unhappy" I would've been if I'd gone out to my mailbox in a few days, and found a check for my low-6 figure withdrawal, WITH 20% withheld for Fed taxes ??? And can you imagine how hard it would be to get that corrected ??? Gives me the shivers ! I'm always up for a good fight with "Bureaucracy", but that's NOT one I would like to take on !
Anyway, the rep said she would "put in a request to cancel the payment", and "...hopefully, it will go through before tonight's processing...call back tomorrow and check". Once that's done, I'll need to resubmit my app package...
To their credit, the cancel did go through (despite the stern web site warning to the contrary), and my page is now showing the withdrawal cancelled "...at my request." WHEW !!! Some One was watching out for me this morning, and made me check that status...
Now I'm wondering if I should try another fax from my computer, fax it from a UPS store, or just mail the darn thing ! I'm leaning towards snail mail, but I'd like to get this done sooner rather than later, so I can submit my next "full withdrawal" app...going to need some funds before the end of the year for expenses, but at this rate, it looks like it'll have to come out of the Wife's IRA
I gotta laugh at this latest roadblock, to keep from banging my head against a wall...
Stoplight...
So I log in to TSP this morning, just to see if anything had changed. Now, there's a NEW "message alert" that says my withdrawal request was submitted 10/9, and would be processed 10/10 (today). There's also a stern warning that my request could no longer be changed or cancelled. Well, that's good news, right ?
WRONG !!! The message has a link to "view your request", so I look there, and it shows them cutting ME a check, rather than transferring it to my IRA !!!
I call them up, and explain to the rep that I DIDN'T want a check, I wanted to transfer to my IRA ! After a few times being put on hold (I'm sure a supervisor was being consulted on this one !), she comes back and tells me that they looked at my fax...the 3 page app was a 4 page fax in their system...page 1 was good, page 2 blank, page 3 was the spousal consent, "...and page 4 was black..." So the 3rd page, which is optional, and has the IRA custodial info and signature on it, was not received correctly !!! Do they call me and tell me the fax was screwed up, or even reject my app again because the fax was screwed up ? Nope...they processed page 1 and 2...Can you imagine how "unhappy" I would've been if I'd gone out to my mailbox in a few days, and found a check for my low-6 figure withdrawal, WITH 20% withheld for Fed taxes ??? And can you imagine how hard it would be to get that corrected ??? Gives me the shivers ! I'm always up for a good fight with "Bureaucracy", but that's NOT one I would like to take on !
Anyway, the rep said she would "put in a request to cancel the payment", and "...hopefully, it will go through before tonight's processing...call back tomorrow and check". Once that's done, I'll need to resubmit my app package...
To their credit, the cancel did go through (despite the stern web site warning to the contrary), and my page is now showing the withdrawal cancelled "...at my request." WHEW !!! Some One was watching out for me this morning, and made me check that status...
Now I'm wondering if I should try another fax from my computer, fax it from a UPS store, or just mail the darn thing ! I'm leaning towards snail mail, but I'd like to get this done sooner rather than later, so I can submit my next "full withdrawal" app...going to need some funds before the end of the year for expenses, but at this rate, it looks like it'll have to come out of the Wife's IRA
I gotta laugh at this latest roadblock, to keep from banging my head against a wall...
Stoplight...
Stoplight
Active member
Enjoy your retirement View attachment 20681.
Thanks !!! Great graphic !!! Maybe I need to make this my new avatar
Stoplight...
Stoplight
Active member
TSP Partial Rollover Update
I took my 3 page form to a local Office Depot, and had THEM fax my app from a REAL fax machine this time...cost me almost $5...geez ! Did that on 12 Oct.
Yesterday, I got the "alert" that it was "under review". Today I called them, and explained that I just wanted to make SURE they had all 3 pages this time...the TSP rep pulled it up, and verified that all 3 pages looked good this time, including the custodial info for my IRA.
Maybe this time it'll go through correctly <fingers crossed> ...approaching the 1 month point since I started this attempt, and the rep said 7-10 business days to process through Treasury, and 7-10 business days before USAA will receive the check
Stoplight...
I took my 3 page form to a local Office Depot, and had THEM fax my app from a REAL fax machine this time...cost me almost $5...geez ! Did that on 12 Oct.
Yesterday, I got the "alert" that it was "under review". Today I called them, and explained that I just wanted to make SURE they had all 3 pages this time...the TSP rep pulled it up, and verified that all 3 pages looked good this time, including the custodial info for my IRA.
Maybe this time it'll go through correctly <fingers crossed> ...approaching the 1 month point since I started this attempt, and the rep said 7-10 business days to process through Treasury, and 7-10 business days before USAA will receive the check
Stoplight...
Stoplight
Active member
I think I'm starting to see why you must retire first... You will need all the extra time to deal with all these problems..LOL..OPM the TSP... WOW I think I will just stay working... Sounds much easier to me
Talan,
LOL ! But I recently saw a bumper sticker that rang true with me...it said : "The WORST day of retirement is better than the BEST day of work"
All,
Well, today the TSP web site is showing my app as processed ! That was pretty quick this time...here's what the "alert" says :
You have a pending partial withdrawal request (View Withdrawal Request) that should be effective as of close of business 10/19/2012. You may cancel this request until 12:00 noon, Eastern time, that day.
When I click the "view withdrawal request", this time it shows the withdrawal as going 100% into my "qualified plan", like it's supposed to...so I guess everything is moving CORRECTLY this time !
The moral of the story, for those of you doing a partial withdrawal in the future : Once you've submitted the paperwork, be SURE to check the TSP web site EVERY day, under the "Withdrawals" menu (left side) !!! As you can see, the "window" to correct any mistakes is very small, and TSP won't send you ANY other notification
Stoplight...
Stoplight
Active member
The distribution did occur yesterday after COB...today, my TSP balance is showing just the remaining balance after my rollover. Let's see how long before it shows up in my USAA IRA !
Monday I'll start the process for my "full withdrawal" for a fixed dollar amount per month...wonder what excitement I'll have with THAT process :nuts:
Stoplight...
Monday I'll start the process for my "full withdrawal" for a fixed dollar amount per month...wonder what excitement I'll have with THAT process :nuts:
Stoplight...
Stoplight
Active member
Hey, ChrisKOP !
Welcome to the Board, and thanks for posting in my long-winded thread about my particular retirement experiences !
There are lots of good Folks here on the Board that are either active duty, or retired, military, with TSP accounts...the rules and regs are somewhat different for y'all, and I'm SURE they'll be glad to share their knowledge and advice with you. You might consider dropping a post in the "Member Introductions" section, too, so everyone knows you're here
Thanks for your service...and best of luck with your planning !!!
Stoplight...
Stoplight
Active member
It's Here !
Okay...been out of touch for a few days. When you get to be my age, things start coming up that you didn't expect...spent the last few days moving my 87-year-old Ma into an assisted living facility....it went better than I expected !
During my time away from home, the TSP rollover "hit" my USAA account...so my rollover is now complete ! The check was credited on 26 Oct....now I got to figure what to do with this money !!!
Stoplight...
Okay...been out of touch for a few days. When you get to be my age, things start coming up that you didn't expect...spent the last few days moving my 87-year-old Ma into an assisted living facility....it went better than I expected !
During my time away from home, the TSP rollover "hit" my USAA account...so my rollover is now complete ! The check was credited on 26 Oct....now I got to figure what to do with this money !!!
Stoplight...
Go figure. Even with all the problems TSP was faster than OPM. Great news.
God bless you! I'm assuming this was her decision. When I moved my mom into the assisted living she immediately notified us she wasn't staying and then ran away. Literally! Was not a fun day. Hope things continue to go well!
Stoplight
Active member
Thanks, Scout...your comments are much appreciated ! It WASN'T her decision...she still seemed to think she was okay, even though she'd goofed up her meds, and couldn't remember if she'd taken her insulin shot or not, etc etc, on a day-to-day basis. I have to admit...it wasn't the easiest day of my life, either...so far, she's staying put, but it wouldn't surprise me if she tries something like your Mom did :worried:
Anyway...today I submitted my first "buy" in my USAA IRA...picking up some USAA High Yield Bond fund (USHYX). Now THERE'S something you can't buy with your TSP funds
It has a good record, and it puts me into a lower fee structure for trading stocks ($6 vs. $9) in my self-directed IRA.Thoughts and prayers going out to all the Board members "up north"...hope everyone is doing okay. We've been in touch with our old Maryland friends...everyone is okay, but it's sure a mess up there...
Stoplight...
Hello Stop, Don't know what you have looked into in the way of information for caregivers but this book was a lifesaver for us. It explained why my Mom did so many things which made little sense to us. It is " Thirty-Six Hours a Day" which is now in its Fifth Edition. Wish you all the best as you deal with the day to day issues!
Stoplight
Active member
Hello, All !
Just checking in with a couple of items...
To recap my TSP rollover experience : in my 9/19 post, I started the clock ticking for how long it would take to roll over a partial withdrawal to my IRA. The check was credited on 26 Oct, so that's 38 days to complete the transaction, including the time it took the IRA custodian to sign and send back their part of the form. Those 38 days were filled with frustration, and head-banging, but overall, it's better than some of the horror stories I've heard ! I'm happily moving my IRA "cash" into some other options that aren't available in the TSP.
The second item : Today, I completed and faxed my FULL withdrawal form to the TSP (via a "real" fax machine, at Office Depot...I learned my lesson !) I'll start THAT clock ticking, and report on my results here.
I chose 100% withdrawal at a specified monthly amount...that should last ~ 29 months, and should get me to the magic 59 1/2 age, when I can start withdrawing from my IRA, as needed. If the amount isn't quite enough to keep us in the black, we can always tap the Wife's IRA for the extra cash we need.
I must admit...financially, my "Retirement Plan" is working out well (so far !)...we're still a little in the red for this year, but I had planned to tap the Wife's IRA as needed, and we haven't even had to do that yet....the TSP monthly payments should correct that shortfall. Looks like I won't need that fast food job after all, although the current situation with the economy MAY change my tune :worried:
NO regrets at retiring at age 57, with 30 years
Stoplight...
Just checking in with a couple of items...
To recap my TSP rollover experience : in my 9/19 post, I started the clock ticking for how long it would take to roll over a partial withdrawal to my IRA. The check was credited on 26 Oct, so that's 38 days to complete the transaction, including the time it took the IRA custodian to sign and send back their part of the form. Those 38 days were filled with frustration, and head-banging, but overall, it's better than some of the horror stories I've heard ! I'm happily moving my IRA "cash" into some other options that aren't available in the TSP.
The second item : Today, I completed and faxed my FULL withdrawal form to the TSP (via a "real" fax machine, at Office Depot...I learned my lesson !) I'll start THAT clock ticking, and report on my results here.
I chose 100% withdrawal at a specified monthly amount...that should last ~ 29 months, and should get me to the magic 59 1/2 age, when I can start withdrawing from my IRA, as needed. If the amount isn't quite enough to keep us in the black, we can always tap the Wife's IRA for the extra cash we need.
I must admit...financially, my "Retirement Plan" is working out well (so far !)...we're still a little in the red for this year, but I had planned to tap the Wife's IRA as needed, and we haven't even had to do that yet....the TSP monthly payments should correct that shortfall. Looks like I won't need that fast food job after all, although the current situation with the economy MAY change my tune :worried:
NO regrets at retiring at age 57, with 30 years
Stoplight...
Hello, All !
Just checking in with a couple of items...
To recap my TSP rollover experience : in my 9/19 post, I started the clock ticking for how long it would take to roll over a partial withdrawal to my IRA. The check was credited on 26 Oct, so that's 38 days to complete the transaction, including the time it took the IRA custodian to sign and send back their part of the form. Those 38 days were filled with frustration, and head-banging, but overall, it's better than some of the horror stories I've heard ! I'm happily moving my IRA "cash" into some other options that aren't available in the TSP.
The second item : Today, I completed and faxed my FULL withdrawal form to the TSP (via a "real" fax machine, at Office Depot...I learned my lesson !) I'll start THAT clock ticking, and report on my results here.
I chose 100% withdrawal at a specified monthly amount...that should last ~ 29 months, and should get me to the magic 59 1/2 age, when I can start withdrawing from my IRA, as needed. If the amount isn't quite enough to keep us in the black, we can always tap the Wife's IRA for the extra cash we need.
I must admit...financially, my "Retirement Plan" is working out well (so far !)...we're still a little in the red for this year, but I had planned to tap the Wife's IRA as needed, and we haven't even had to do that yet....the TSP monthly payments should correct that shortfall. Looks like I won't need that fast food job after all, although the current situation with the economy MAY change my tune :worried:
NO regrets at retiring at age 57, with 30 years
Stoplight...
Sounds like your plan is working so far.
I must admit that once I made up my mind to retire it got a bit scary. Now almost 6 months into retirement it was one of the best things I have done. The wife and I have a cruise planned next March with the daughters and the son-in-laws. I hope and pray for a strong body and a sound mind for many more years.
Stoplight, good luck.
Khotso
Active member
Originally Posted by StoplightHello, All !
Just checking in with a couple of items...
To recap my TSP rollover experience : in my 9/19 post, I started the clock ticking for how long it would take to roll over a partial withdrawal to my IRA. The check was credited on 26 Oct, so that's 38 days to complete the transaction, including the time it took the IRA custodian to sign and send back their part of the form. Those 38 days were filled with frustration, and head-banging, but overall, it's better than some of the horror stories I've heard ! I'm happily moving my IRA "cash" into some other options that aren't available in the TSP.
The second item : Today, I completed and faxed my FULL withdrawal form to the TSP (via a "real" fax machine, at Office Depot...I learned my lesson !) I'll start THAT clock ticking, and report on my results here.
I chose 100% withdrawal at a specified monthly amount...that should last ~ 29 months, and should get me to the magic 59 1/2 age, when I can start withdrawing from my IRA, as needed. If the amount isn't quite enough to keep us in the black, we can always tap the Wife's IRA for the extra cash we need.
I must admit...financially, my "Retirement Plan" is working out well (so far !)...we're still a little in the red for this year, but I had planned to tap the Wife's IRA as needed, and we haven't even had to do that yet....the TSP monthly payments should correct that shortfall. Looks like I won't need that fast food job after all, although the current situation with the economy MAY change my tune :worried:
NO regrets at retiring at age 57, with 30 years
Stoplight...
Congrats to the both of you. The personal experiences you've documented here on TSPTalk gives me confidence that my wife and I will be fine when I pull the plug one day ... in the not too distant future. I'm happy for you both. Keep sharing and may you be blessed with good fortune.
Similar threads
