With that example 1.0% of $68549 is $685.49. And that would be your pension per month correct? Added to what ever is in your TSP and SSN. That sure doesn't sound like a lot to retire on as far as the pension goes.
Hi Doug. Not exactly. Your pension is 1% (or if 62 with at least 20 years, 1.1%) X the high 3 X your length of service. For example, if you worked 30 years, it would be 30% of the high-3. Plus TSP and Social Security, yes.
Hi Debbie, I’m worried about the markets and TSP and I’m 55 can withdraw it under Rule of 55 even though I’m married filing jointly and my wife is 51 ?
Hi Greg. Thanks for your question. If you separate from the federal government in the calendar year you turn 55 or later-50 if you’re under the special provisions of fire/law enforcement/air traffic control-you can withdraw funds from from your TSP without having the 10% penalty. Yes, even though you're married, filing jointly, and your wife is 51. If you plan to continue working for the government, this would not apply. In that case, your options would be either an age-based in-service withdrawal (59 1/2 or older) or a TSP loan which you would be expected to pay back.
You are simply the best 👌👏👍
I sincerely appreciate you!!
Thanks again--great explanation!
I’m glad you found it helpful. Thank YOU for letting me know.
Sorry I missed the live version.
Glad you caught the replay. Let me know if you have any questions
Thank you very much for the good video. Can you have a video about TSP and withdrawal after retirement
Thanks
I have added that to my to do list. Yes!! And thank you - both for the compliment, as well as the suggested topic.
Got around to doing that TSP withdrawal video tonight. Here's a link: th-cam.com/video/BavBFLzRRPA/w-d-xo.html
With that example 1.0% of $68549 is $685.49. And that would be your pension per month correct? Added to what ever is in your TSP and SSN. That sure doesn't sound like a lot to retire on as far as the pension goes.
Hi Doug. Not exactly. Your pension is 1% (or if 62 with at least 20 years, 1.1%) X the high 3 X your length of service. For example, if you worked 30 years, it would be 30% of the high-3. Plus TSP and Social Security, yes.
Can you use your 520 hours of annual leave to complete your 5 year rule for ins and the annuity.I have 3 years in at USPS.
Thanks I like your videos!
No, Mary. Your annual leave will be cashed out. You'll receive a lump sum payment for whatever you have on the books the day you retire.
So for someone that retires December 30, 2023, he would not receive a COLA for 2024? He would not receive a COLA until January 2025?
Hi Debbie, I’m worried about the markets and TSP and I’m 55 can withdraw it under Rule of 55 even though I’m married filing jointly and my wife is 51 ?
Hi Greg. Thanks for your question. If you separate from the federal government in the calendar year you turn 55 or later-50 if you’re under the special provisions of fire/law enforcement/air traffic control-you can withdraw funds from from your TSP without having the 10% penalty. Yes, even though you're married, filing jointly, and your wife is 51.
If you plan to continue working for the government, this would not apply. In that case, your options would be either an age-based in-service withdrawal (59 1/2 or older) or a TSP loan which you would be expected to pay back.
@@debbiehatch8016 Thank you Debbie ! You are absolutely the best ! Have a great Holiday season ! Greg from South Florida 🌴🇺🇸⭐️🏆