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TSP & 72T early Withdrawal- ? definite answer?
06-17-2007, 09:26 PM
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#1
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Confused about dryer sheets
Join Date: Jun 2007
Location: Albuquerque, NM
Posts: 3
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TSP & 72T early Withdrawal- ? definite answer?
Looking for a definite answer to 72T withdrawals from TSP- I'm going out on Oct. 31 and have been frantically (not really) interviewing fee for service financial planners- USAA is also an option- their fees are very low-
but the TSP is looking attractive (low, low administrative fees).
I've searched and can't get any better than a 'maybe' as to the mechanics of it-
thanks in advance-
Plus, if you are on LEAP, do you get the extra 25% when you cash out A/L?
I called the Retirement Branch and am not happy with their ambiguous answer.
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06-17-2007, 10:08 PM
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#2
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Dryer sheet wannabe
Join Date: Jun 2007
Location: Morrison
Posts: 11
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Hi . . . Go to Employee Express at https://www.employeeexpress.gov/ and log into the TSP site (you may have to register if you've never been there before). After logging in, click on the heading Withdrawals and they have a booklet on that subject in PDF format. By the by, there is other info there, perhaps on the other issues you brought up. Take care . . . Steve
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06-17-2007, 10:23 PM
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#3
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Confused about dryer sheets
Join Date: Jun 2007
Location: Albuquerque, NM
Posts: 3
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thanks, but-
. I've read all that stuff but am still unclear- they don't use the term 72T , and there's only one option, instead of three like with an IRA- is sit because its' not an IRA but a 401k?
I just need to be sure since I've got to live with my decision for 9 1/2 years-
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06-17-2007, 11:58 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,989
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While a 401k and 72T are models they do not have the exact structure of the TSP which has its own legislation. When I retire I can 1) take it all out as a payment or transfer to an IRA or 2) take a one time portion and keep the rest in the TSP and I can take monthly payments/withdrawals the amount of which can only be changed once a year. And there is an annuity choice. I don't know about law enforcement but whatever it says in the process is so, doesn't need to mention 72T.
__________________
T.S. Eliot:
Old men ought to be explorers
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06-18-2007, 05:07 PM
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#5
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Confused about dryer sheets
Join Date: Jun 2007
Location: Albuquerque, NM
Posts: 3
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I called the TSP withdrawal line today and the woman who answered pointed mt to all the helpful FORMS- under "Forms" , on the home page. Answered all my questions- I'll be able to do a partial rollover into an IRA that I can take a 72T from that will match my needs, and leave some in the TSP.
I am a happy boy.
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06-18-2007, 05:23 PM
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#6
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Dryer sheet wannabe
Join Date: Jun 2007
Location: Morrison
Posts: 11
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Good deal . . . Happy for you.
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