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Video instructions and help with filling out and completing civil service retirement lump sum

Instructions and Help about civil service retirement lump sum

What's up guys this is Cooper from fed retirement planning comm and today's video is on basically a lot of myths and problems that I think people misconstrue with the TSP and their federal retirement since running this channel I've had a lot of questions whether it's through my website you can find the contact form on there and ask me a question or through you know YouTube or Facebook anything like that where people ask me questions and I find I get a lot of the same questions over and over and it's often times due to misinformation and not any problem on your part but there's just a lot of myths out there about the federal retirement and so I want to squash those today before I go any further if you are a federal employee and you haven't subscribed to this channel then you're doing yourself a big disservice I come up with videos weekly front on everything from your TSP to general federal benefits to financial planning and I do all this for free for you so if you haven't clicked that subscribe button give me a thumbs up and let's get into the video okay the first myth that I get and this one I probably get most often is Cooper I can't access my TSP until I'm 59 and a half what if I need the money what do I do okay and this is you know really I'd rather you not touch your TSP until you're 59 and a half because you want it to grow and I think a lot of people take it too early whether that's through a loan or whether that's through a withdrawal but something to understand is you can take out money before you're 59 half the only issue is you're gonna have to pay a 10% penalty that the IRS is going to take out okay so if you like to you can remove money from your TSP the issue is you're gonna have to pay that 10% penalty to the IRS as well as the tax okay that 10% that's a large amount okay so should you take from the TSP before you're 59 a half probably not and really the idea behind the 59 and a half age is that's as long as you're working okay if you retire at 55 or later in most cases you're gonna be able to take from your TSP without that penalty okay but what the 59 1/2 H is is that as if you're still working so that's an age-based in service withdrawal request that 59 and a half that form would be the TSP 75 but just to be aware of you can't take money out of your TSP for your 59 and a half but you're gonna pay a penalty the second myth I often get is people that email me and they're thinking about leaving Federal service and they wonder okay finally Federal.

FAQ

How did you feel at the crossroads of. deciding to take early retirement or continuing on? If you had an option, did you cash out with a lump sum or opt for monthly payments? Why?
How did you feel at the crossroads of deciding to take early retirement or continuing on? If you had an option, did you cash out with a lump sum or opt for monthly payments? Why?I have been separated from the company I have a vested pension, no decision to make about working. The monthly amount is not huge but still surprisingly significant. So many private and state pension funds are underfunded or face bankruptcy[1] [2], it's nice to get it sooner than later .SOURCE: Lump Sum or Annuity? How to Make the Right Pension Choice for You -- The Motley FoolAs I face my 62nd birthday, I recently received material to take a pension lump-sum or monthly annuity[3] from a former, longtime employer. Without waiting for their “decision packet”, I'm taking the lump-sum ‡ it's Finance 101.The net present value[4] of a dollar now is worth more than a stream of payments in the future. Theoretically, they should be equal if you could predict interest rates and cost of living.SOURCE: Keep Your Pension or Take a Lump Sum Buy-out?I can use it to pay down debt, providing more discretionary income from my monthly SSDI benefitThey owe it to me, I can draw a straight line from several internal economic and financial “white papers” to their unexpected success and yet I was still caught up in the “great corporate downsizing[5] ”.Lump sum may not be a good choice for those who plan to live on a pension income stream, aren't financially disciplined[6][7] , risk adverse to investing[8] .Lump-sum calculators:Lump Sum Value CalculatorAnnuity Calculator - Present Value of AnnuityAdvanced Annuity CalculatorNewRetirement Planner & CalculatorLump Sum Future Value Calculator InvestmentBenefits Planner: Calculators | SSAConsiderationsShould I take my pension as a lump sum or lifetime payments?Lump Sum Payment or Monthly Pension? - Fidelity.comLump Sum or Annuity? How to Make the Right Pension Choice for You -- The Motley FoolLump Sum vs. Regular Pension Payments: What's the Difference?SOURCE: Retirement Plan Distributions: Quick Guide on Annuity or Lump Sum WithdrawalsSOURCE: Put Your Pension to WorkFootnotes[1] Company Is Going Bankrupt. What About My Pension? - Good Financial Cents®[2] https://www.investors.com/politi...[3] Lump Sum vs. Annuity[4] How Lump-Sum Payments Work[5] The 10 biggest corporate layoffs of the past two decades[6] Should you take a lump sum or annuity for retirement?[7] Maximize Your Pension With This Calculator[8] Lump Sum vs. Pension: Which is the Better Option? | NewRetirement
After retirement, I got a 30 lakh rupees lump sum from my retirement fund. Where and how should I invest to get a more and secure profit?
Instead of where the question should be How to invest.Watch our video series on asset allocation by Hitesh MaliAssuming you are not a pensioner, and no other source of incomeMake a Kitty for Emergency (around 3 month expenses)Allocate Majority for Regular income(~60–70% of the corpus)Allocate the remaining portion for Growth (and this is the portion you should look from a 5 -7 year horizon)Now that you have taken care of 1,2 and 3 you can look at some hybrid fund with limited equity allocation which can protect you from downside and also lets you corpus grow at 9–10% annual.Sit down with your Distributor to understand what all products are available in the Marketcheers?
Is it best to take one’s retirement as a monthly pension or lump sum offer?
If you are receiving a payment from a US qualified pension plan the amount of lump sum offered is governed by law. Even so there are a lot of variables to consider in making the decision. How well you invest, your life expectancy compared to average life expectancy, male or female, whether the plan offers other forms of payment that might better suit your needs (such as a annuity continuing to a partner after your death) or all important factors to consider. Ideally, your neighbor is an actuary who can help you evaluate your options.The lump sum is designed to be equivalent to a monthly pension based on a specified interest rate and mortality table. The mortality table is unisex so it tends to overstate the actuarial value for men and understate the actuarial value for women. If you can invest the lump sum and earn more than the interest rate used to calculate the lump sum, it may be advantageous to take the lump sum and invest it. It can be hard, however, to invest and beat the interest rate without taking risk. Also, if you have a shorter than typical life expectancy, the lump sum could be worthwhile. There are a lot of variables to weigh, not least of which is the comfort one can receive from a payment that will continue as long as you live.Sorry, there is no “one size fits all” answer.
Can you convert a federal retirement pension to a lump sum?
There are a lot of variables to be answered here. You’d be better advised to visit the Federal Employees Retirement System (FERS) website and get information directly from the Federal system. Age and length of service, as well as which retirement vehicle you participated in, are critical for a true answer.