Q: I am a federal firefighter under CSRS Special Retirement due to retire in November of 2011 at age 50. At what age will I be able to collect on my TSP retirement?
A: While you can access your TSP account any time after you retire, you’ll be subject to the early withdrawal penalty rules until you reach age 59 1/2, unless you qualify for one of the exceptions. See page 4 of the tax notice at https://www.tsp.gov/PDF/formspubs/octax92-32.pdf for details.
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To Federal Firefigher, to answer your question, if you take a payment (other than a fixed monthly lifetime annuity) from your TSP you are subject to not only paying the ormal taxes but alos a 10% early withdrawal tax penalty. I separated from 6c CSRS LEO service at age 54, but I separated from service”during the year I reach age 55″, thus according to the allowed exceptions Mr. Miles references in TSP publication I am exempt from the 10% early withdrawal penalty.