No one knows when the new rules will take effect.
A "full" withdrawal can be done as the start of monthly withdrawals and a partial lump sum.
You can set monthly as low as $25/month.
You'll still be in the TSP and eligible for the new rules when they take effect.
You set a percentage for a single payment, a percent for annuity, and a percent for monthly.
You can also transfer a portion of the single payment or your monthly payments to an external IRA which gives you more flexibility for future withdrawals.
Imagine you had $500k and needed $50k. If in traditional TSP, you need to pay taxes on the $50k so need to withdraw more or pay taxes from other monies. But, for illustration, if you need just $50k, you do Form 70 with 10% as single payment and 90% as monthly. If you want to preserve in TSP, set payment at minimum $25 with 90% of the full balance.
Call TSP to review your options. Lots of examples in NARFE magazine and web sites like fedsmith.com
See
You can use the TSP website (tsp.gov) to begin your withdrawal re- quest once your agency or service has reported your separation to the TSP. For the protection of your account, you will not be able to com- plete your withdrawal online, but the interactive screens will help you complete the appropriate sections of the form correctly.
After you print out the form, review it, complete any missing infor- mation, provide required notarized signatures and documentation, and mail or fax it to the TSP. Do not change or cross out any of the prefilled information you entered on the website; the form will not be processed if you do.
On Thu, Apr 19, 2018 at 11:45 PM Mike VanAmburgh mjv325@gmail.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Eligibility for hardship withdrawals include medical expenses that aren't covered by insurance. This might help you:Mike
On Apr 19, 2018, at 10:25 PM, caramall22@yahoo..com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:Just thought I'd get some input. I'm retired military and we have some significant medical expenses to cover. I naively thought the new withdrawal options would start almost immediately so I took out a small amount figuring I could take out more withdrawals during this year. I'm getting to the point of needing to pull more out but will have to pull it all out. Any guesses how long it will be before the new options are available? I guess that's just a crap shoot. Really wanted to leave a chunk in the TSP.
-- Cindy King
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Posted by: Cindy King <cindy.kingde@gmail.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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