any post office early outs?

[retireme]

Wondering if you retire early (age 50) from the post office do you get paid a monthly annuity right away or do you have to wait until retirement age? That would be age 56 for me. I'm only 48 now.

 

[maddpax1]

They have to offer a VER or VSIP first and you get the money monthly, you have to wait till your MRA, 56 for you, until the SS supplement kicks in. PS: you have to meet the age and year requirements to leave early.

 

[freebird5825]

This site may be useful.
Retirement Eligibility

Click on either CSRS or FERS and it will take you to tables with the basic requirements.

 

[maddpax1]

Firebird 5825: any ideas on what to do with your TSP account when you retire?

 

[freebird5825]

Firebird 5825: any ideas on what to do with your TSP account when you retire?

Freebird is the name, being already FIREd is my game.

My set of circumstances was very unique compared to the usual federal retiree. So I am really not in a position to give advice on what to do with the TSP account.

Check out the TSP options and decide what is best for you.
https://www.tsp.gov/planparticipation/withdrawals/withdrawingAccount.shtml

Keep a close eye on the tax ramifications.
https://www.tsp.gov/PDF/formspubs/octax92-32.pdf

 

[martyb]

Firebird 5825: any ideas on what to do with your TSP account when you retire?

If you retire prior to the year in which you will turn age 55, you will pay an additional 10% tax penalty to the IRS on any money you withdraw from your TSP account. If your birthday is on Dec 30th of the year, you are safe if you retire in January of that same year. Just has to be the same year you become 55. So...if you retire at 50, you can get to your TSP money, but it'll cost you 10% more in taxes on top of whatetver tax bracket you're already in.

I'm in a similar situation as you, but I'm 53, and was offered an early retirement back in Sept. I turned it down partly for the tax penalty reason I mentioned above, and also because I'm under CSRS and don't want to give up 4% of my pension for the rest of my life. I can tough it out another 23 months, I suppose......

 

[maddpax1]

Hoping for an early out from post office! Thanks for info