Another Post Retirement Withdraw Question

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theweight
Posts: 12
Joined: Fri Aug 16, 2013 7:25 pm

Another Post Retirement Withdraw Question

Post by theweight »

Does anyone know;

At retirement I was thinking of taking a 2K monthly withdraw (not an annuity). I would continue to move my money around in the various funds.

Does anyone know what day of the month TSP sends out the monthly payment? I wasn't sure if it was a set day of the month (like the 1st) or was simply the day you retired and the paperwork got processed.

Also, since my money is still invested, it will gain/lose money on the day of the withdraw. I assume the TSP first resolves the daily ending gain/loss AND then sends the money.

Is there anyone receiving monthly withdraws that can confirm?

Thanks

Nigel
Posts: 15
Joined: Sun Oct 25, 2015 9:42 pm

Re: Another Post Retirement Withdraw Question

Post by Nigel »

I retired in 2015 and began taking a $2,000 each month. I’m currently following a daily schedule. My funds are reduced by $2K around the 18th of each month. Funds find their way electronically to my bank account by the 20th.

mmmmmbeer
Posts: 917
Joined: Wed May 11, 2016 11:00 am

Re: Another Post Retirement Withdraw Question

Post by mmmmmbeer »

Nigel wrote:I retired in 2015 and began taking a $2,000 each month. I’m currently following a daily schedule. My funds are reduced by $2K around the 18th of each month. Funds find their way electronically to my bank account by the 20th.

So how's it going with the daily? Even with the draw is your money continuting to grow pretty good?
Those who 'abjure' violence can do so only because others are committing violence on their behalf.

theweight
Posts: 12
Joined: Fri Aug 16, 2013 7:25 pm

Re: Another Post Retirement Withdraw Question

Post by theweight »

Nigel wrote:I retired in 2015 and began taking a $2,000 each month. I’m currently following a daily schedule. My funds are reduced by $2K around the 18th of each month. Funds find their way electronically to my bank account by the 20th.
Nigel, sounds like you're doing what I'd like to do in a few years.

When the 2K comes out of your account, is it after the TSP determines the gain/loss for the that day (assuming it is but just wanted to confirm).

Thanks

Nigel
Posts: 15
Joined: Sun Oct 25, 2015 9:42 pm

Re: Another Post Retirement Withdraw Question

Post by Nigel »

Mbeer, yup, I’m happy to say it’s growing. No new deposits since May 2015 when I retired, and I have a larger balance now than when I left employment.

Theweight, I really couldn’t say.

Nigel

Carmen909
Posts: 109
Joined: Sun Dec 04, 2016 12:16 am

Re: Another Post Retirement Withdraw Question

Post by Carmen909 »

Nigel wrote:Mbeer, yup, I’m happy to say it’s growing. No new deposits since May 2015 when I retired, and I have a larger balance now than when I left employment.
Nigel
That's great! Good work!

Nigel
Posts: 15
Joined: Sun Oct 25, 2015 9:42 pm

Re: Another Post Retirement Withdraw Question

Post by Nigel »

“That's great! Good work!”



Thanks Carmen, I have to say I was lollygagging around in the Life funds until I saw this website. Now I’m better informed.

Nigel

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evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Re: Another Post Retirement Withdraw Question

Post by evilanne »

Once you retire, it takes about a month before TSP gets the notification that you are separated. My partial withdrawal took about 10 days to process (submitted by fax). Withdrawal Forms requires spouse's signature (if applicable) and must be notarized.

For payments, my understanding is that it is processed the same day each month based on when you receive your 1st payment.

theweight
Posts: 12
Joined: Fri Aug 16, 2013 7:25 pm

Re: Another Post Retirement Withdraw Question

Post by theweight »

evilanne wrote:Once you retire, it takes about a month before TSP gets the notification that you are separated. My partial withdrawal took about 10 days to process (submitted by fax). Withdrawal Forms requires spouse's signature (if applicable) and must be notarized.

For payments, my understanding is that it is processed the same day each month based on when you receive your 1st payment.
Evilanne - Tanks for the additional information.

brink
Posts: 4
Joined: Fri Dec 01, 2017 2:55 pm

Re: Another Post Retirement Withdraw Question

Post by brink »

When I retired, I submitted my form to the TSP, they received it on the 1st of the month, and processed my payment. I received it on the 11th, and has been that way since. It just depends on when you send your form in.

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TSPTiming
Posts: 84
Joined: Wed Oct 19, 2016 8:26 pm

Re: Another Post Retirement Withdraw Question

Post by TSPTiming »

Thanks for this info everyone, I wasn't aware of this and had just assumed you'd get the monthly payments on the 1st. Since I'd prefer to get my monthly payments early in the month, when I retire December 2018 I'll plan to send my withdrawal form in on about 1/23/19 so that I will hopefully get the first payment in early Feb 2019, then on the same date every month after that.

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TSPTiming
Posts: 84
Joined: Wed Oct 19, 2016 8:26 pm

Re: Another Post Retirement Withdraw Question

Post by TSPTiming »

Thanks for this info everyone, I wasn't aware of this and had just assumed you'd get the monthly payments on the 1st. Since I'd prefer to get my monthly payments early in the month, when I retire December 2018 I'll plan to send my withdrawal form in on about 1/23/19 so that I will hopefully get the first payment in early Feb 2019, then on the same date every month after that.

I also found this thread on this topic. Looks like the date of your monthly deposits is likely to be about 7 or 8 days after the TSP received the TSP-70 form, and the best way to have a bit of control is to fax it to them 7 or 8 calendar days before the date you want the monthly deposit to your bank account to happen....

https://forum.federalsoup.com/default.a ... ts&t=51053

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