Markola
Thinks s/he gets paid by the post
DW has been a Fed with Interior/US Fish & Wildlife Service since January 2011. She just turned 53. She's also had some health problems and, lately, for the first time ever, has been asking me, "So, again, when could I retire"? She's a very hard worker and this is a watershed moment I want to capitalize on! She has maxed her TSP since she started, including the makeup provision but our primary interest is in her securing federal employee health insurance access for life. I've been reading up on this and want to ask the good, knowledgeable forum members a couple of questions:
1). The Minimum Retirement Age (MRA) of someone born in 1963 appears to 56. She has 5.5 years of service, so her MRA + 10 should be January 2021, since she started January 2011, right? As I understand it, she can buy into the Federal health insurance plan for us both for life at that point, right? We have no kids.
2). If 1. above is correct, she'll be 57.5 at FIRE. Does TSP allow her to access her funds penalty-free if she separates from service after age 55 but before age 59.5? Details online on that part are harder to find. If so, would she have to take annuitized payments or could she transfer to an IRA?
Thanks, All, for double checking my novice Federal retirement system research!
1). The Minimum Retirement Age (MRA) of someone born in 1963 appears to 56. She has 5.5 years of service, so her MRA + 10 should be January 2021, since she started January 2011, right? As I understand it, she can buy into the Federal health insurance plan for us both for life at that point, right? We have no kids.
2). If 1. above is correct, she'll be 57.5 at FIRE. Does TSP allow her to access her funds penalty-free if she separates from service after age 55 but before age 59.5? Details online on that part are harder to find. If so, would she have to take annuitized payments or could she transfer to an IRA?
Thanks, All, for double checking my novice Federal retirement system research!