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Q. I am an Air Reserve Technician and 53 years old. I have lost my military requirement at no fault of my own, and now I am being made to retire from the civilian side (FERS). I have a total of 20 years. Can I withdraw all of my TSP from the civilian TSP and if so, what is the early withdrawal penalty and taxes associated with doing so? I am looking at paying off 50 percent of my debt. My TSP is around 75,000.
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A. Since you are separating from TSP covered service before the calendar year in which you reach age 55, you will be subject to the 10% early withdrawal penalty unless you meet one of the other exceptions listed on Page 7 of the notice posted at https://www.tsp.gov/PDF/formspubs/tsp-536.pdf.
