I called and asked that question a few years ago. A TSP service rep told me no. Contributions can only be made from your federal paycheck WHILE you're actively employed.
Isn't the 55 Rule that you have to turn 55 in the calendar year you retire even if it is technically before your 55th birthday? For example, you get disability retirement in January but your 55th birthday is not until August of that year, you can still withdraw without penalty?
Thanks for bringing that up. To keep this video simple, we didn't mention the ROTH account specifically. But, we have tons of other videos about the ROTH accounts. If you find it useful, here is a link to all our videos/articles: hawsfederaladvisors.com/tsp-investing-articles/
That's a great question. When it comes to questions like this, it's hard to give a universal answer. The answer depends on your circumstances. If you would like to have a one-on-one meeting with us to go over every detail, feel free to schedule an appointment with us: hawsfederaladvisors.com/work-with-us/
What if you joined special provision with an age waiver (military), received a fers disability retirement at age 54 but needed 4 more years to get the law enforcement pension. Hence you're over the age of 50 but not eligible for regular retirement. Will you still have to pay the 10%?
@@PlanYourFederalBenefits The video address buying back military service, it doesn't address the 10% penalty for special provision disability retiring after the age 50 but less than 20 years of service. I believe since retired disabled there be no 10% fee. We know their creditable service continues until age 62.
It's almost if you have ESP lol. Every time I think of a subject you cover it. Thanks!!😊
Glad you found the information helpful!
I’m pretty sure the tsp has an equal payment option you can select if you retire before 55.
Thanks for covering this topic. Can you continue to contribute to the TSP after going on disability?
Great question. Probably not.
I called and asked that question a few years ago. A TSP service rep told me no. Contributions can only be made from your federal paycheck WHILE you're actively employed.
@@sheritaa3032 thank you that’s helpful to know.
Isn't the 55 Rule that you have to turn 55 in the calendar year you retire even if it is technically before your 55th birthday? For example, you get disability retirement in January but your 55th birthday is not until August of that year, you can still withdraw without penalty?
I'm surprised you didn't mention Roth plans within the tsp...arent Roth portions supposed to be available anytime since they've already been taxed?
Thanks for bringing that up. To keep this video simple, we didn't mention the ROTH account specifically. But, we have tons of other videos about the ROTH accounts. If you find it useful, here is a link to all our videos/articles:
hawsfederaladvisors.com/tsp-investing-articles/
Can you take a 72t while still working for the federal government?
That's a great question. When it comes to questions like this, it's hard to give a universal answer. The answer depends on your circumstances. If you would like to have a one-on-one meeting with us to go over every detail, feel free to schedule an appointment with us:
hawsfederaladvisors.com/work-with-us/
What if you joined special provision with an age waiver (military), received a fers disability retirement at age 54 but needed 4 more years to get the law enforcement pension. Hence you're over the age of 50 but not eligible for regular retirement. Will you still have to pay the 10%?
Great question. This video might help with that question:
ruclips.net/video/oNwgLMfPNfk/видео.html&ab_channel=HawsFederalAdvisors
@@PlanYourFederalBenefits The video address buying back military service, it doesn't address the 10% penalty for special provision disability retiring after the age 50 but less than 20 years of service. I believe since retired disabled there be no 10% fee. We know their creditable service continues until age 62.