Q: I retired under both CSRS and FERS (converted to FERS in 1998 after 22 years with CSRS) under 6C law enforcement provisions at age 52. At the time of my retirement, I chose not to take a withdrawal from my TSP account. I am now 57. When can I take a withdrawal from my TSP account without penalty? At the time of my retirement, I was led to believe that I could do so at age 57 1/2. I am now being told I must wait until age 59 1/2.
A: You’ll have wait until age 59 1/2 unless you meet one of the following exceptions to the early withdrawal penalty:
• Annuity payments;
• Automatic enrollment refunds;
• Made as a result of total and permanent disability;
• Made because of death;
• Made from a beneficiary participant account;
• Made in a year you have deductible medical expenses
that exceed 7.5 percent of your adjusted gross income;
• Ordered by a domestic relations court; or
• Paid as substantially equal payments over your life
You can learn more by reviewing the notice at https://www.tsp.gov/PDF/formspubs/octax92-32.pdf.