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  1. I took out a residential loan for $40k in 2001 and agreed to re-pay in 15 years (2016) payments have always been up to date…I also took out a personel loan for $23.5K in 2009 and agreed to re-pay in 5 years (2014)…I will be 60 years old in Sep 2010, with 22 years of federal service (FERS-DAC)…if I decide to retire as early as my 60th birthday, and chose not to re-pay either loan, but rather take the hit for the taxes…what am I looking at for additonal $$$ owed the IRS? Since I will be over 591/2, will I still get penalized?

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