FERS QUIZ: Do you know these 10 things about your retirement?
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- Опубликовано: 31 дек 2024
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DISCLAIMER This is not financial advice. Please speak with a financial professional of your choice.
Feed your TSP.
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Thanks Chris! I plan on punching out December 31st of next year. Very exciting and scary at the same time.
Thanks! I didn’t realize that I had to wait until 59.5 to withdraw from the Roth TSP.
A shocker to many. 59.5 AND have had the Roth TSP open for at least 5 years.
I have already retired and knew most of these (9), but agree most working folks do not know this stuff. Another excellent post. Maybe you could do a more in depth talk about when the RAS ends? I recently went through this and many fellow retirees, particularly those still working as I was, ask me about the process. It was simple for me, but I know one individual that had to pay back about $3K, because of how it was calculated (or not calculated) by OPM. Plus, mine did not end right away despite a high income. I received a partial RAS until I was 58 1/2. I feel this process is not very clear for retirees. Cheers.
I would love to see a video answering the questions.
Thanks, Chris. Very informative, as always. I think you could easily do a video for each of your questions. Maybe the lengths of the videos would vary, but it would be quite helpful.
Good video!
Yes, please do a video for the quiz questions. I’m so burned out that I definitely need to know the absolute earliest date I can retire. I’m retiring in June 2035. I’ll have to research whether I have to wait until my actual birthdate or if I can go on the 1st of my birth month. I think for catch-up contributions, you can start in January of the year you turn 50-I won’t have to wait until June.
Hang in there! You have to make it to your actual birthday. That 1st of the birth month is a rumor that just won't die. A variation of it is the 1st of the year you're eligible, which is even MORE incorrect. You are totally right on the catch up contributions though. You can start them the first pay period of the year you turn 50. You don't have to actually BE 50 yet.
My pre retirement info was available, complete, provided via several sources. I've learned that not all agencies are as proactive for its employees.
You're correct. Not all agencies are that good. I deal with many of them. Some are particularly awful.
Got most of them right. An expanded vid would be much appreciated. 🙌🏽🙌🏽🙌🏽🙌🏽
If you retire at mra can withdraw from tsp penalty free if you are 57? What is the penalty? What if you retire with a VERA? Can you expand on TSP withdrawal and explain a VERA?
Early withdrawal penalty is 10% extra tax of the amount of the withdrawal. If you are Regular FERS and separate in the year you turn 55 or later, you can access your Traditional TSP penalty free. So if you retire at your MRA, you're good, since all MRA's are at least at age 55. If you go out on a VERA same rules apply. If you take a VERA and you leave before the year you turn 55, then you didn't meet the exception to the rule and you now have to wait until you're 59 1/2.
@ if my mra is 56 10 months but I am currently 55, is there a way to retire early without a vera with 30 plus years of service? What would be the penalty? Is it the health care? Thank you.
Thanks Chris. So I hear TSP ROTH conversion option is coming in ‘26??
That's what they're saying. We'll see if these people can pull that off. I'm anticipating some ridiculous rules like TSP normally does. We'll see. I don't think it's going to be as useful to as many people as they think, but it will certainly be a good idea for some. Especially those that have no other income and their spouse has no income, they're relatively young still, etc.
100 - I get a Barfield Financial tumbler as a reward? (I even got the bonus!!)
Nice try....😄