Browsing: early withdrawal penalty

Q. I will be 58 years old on Nov. 9, 2018. I retired from government service in December 2017 after 30 years and 4 months of service. I at 57 and have heard that I can possibly begin withdrawals without a 10 percent tax penalty due to this fact. I need verification of this, and I also need a wise withdrawal strategy to make my TSP money last the life of my current retirement, although I plan to try to go back to work maybe part-time by Spring 2019.

Q. I work for the Federal Bureau of Prisons and will be eligible to retire at 48 years old, with 25 years in federal law enforcement. I am familiar with the IRS additional 10 percent tax penalty for early withdrawals and some of the exceptions. I was curious to know if you could elaborate on the options that could possibly pertain to my situation?

Q. I am 38 years old with nine years of federal service and approximately $100,000 in my TSP. I am considering leaving the federal government within the next year and I am not exactly clear on what my options are. I understand that I can either leave the money in the TSP or withdraw it, but my wife and I intend to move back home to southeast Virginia. I have been considering taking approximately $20,000 and putting it toward a down payment on a house and putting the balance in a Vanguard IRA. I don’t know if this is this…

Q. I am a FERS employee with 33 years of service and will be eligible to retire at the end of the year when I turn 56. Upon retirement, I would like to keep my 401(k) money in my TSP account, but would like to take out approximately 4 percent per year in monthly payments. Would this be subject to the 10 percent IRS penalty for withdrawals before age 59 1/2?

Q. I am a separated federal employee, not of age and I am on Office of Workers’ Compensation Programs federal disability. I’m going to do a TSP early withdrawal. I have a few questions that I could not find while researching my options:  1)  Being on federal disability, can I even apply for financial hardship withdrawal? 2)  What is the difference (if any) between financial hardship withdrawal & early partial withdrawal? Is there any benefit filing one or the other? 3)  At the end of the year I know I’ll have a 1099 and there is a 10 percent penalty.…

Q. I am a federal dual-status technician with the LA guard. I am 50 as of March 2018 and will have 28 years federal technician time on Sept. 22, 2018. Can I voluntarily retire and draw my FERS retirement, the supplement and my TSP  without being penalized the 10 percent? My actual minimum retirement age is 56 years and 8 months.

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