TSP penalties & age


Q. When retiring, I will be 56 with 37 years [of service]. Will I be penalized if I start taking my TSP at 56 or do I need to wait to 59 and a half to avoid the penalty?

A. If you retire during or after the calendar year when you reach age 55, you will have access to your TSP account after you retire without penalty.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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