Browsing: early withdrawal penalty

Q. I am a military technician and was told I’m under a special military technician early retirement 50/25 and will have 34 years of service, 4 years of which was active duty. I bought back my time and plan to retire in December. I will be 54 years old. If I start withdrawing from my TSP, will I be penalized 10 percent because I’m not 56 years old yet?

Q. I will be 61 when I plan to retire with 38 years in service under CSRS the entire time. I am not counting on the TSP as part of my retirement and plan to use the money for home repair, paying certain loans, etc. What penalty/tax percent will I incur? I was planning on retiring in December, but January might be better for taxes on less income received.

Q. I am eligible to retire under FERS in January 2016 — at age 56 with 36 years of continuous federal service — and begin drawing a pension. As such, I am able to withdraw from my TSP without incurring the early withdrawal penalty. I am also eligible for the Social Security supplement. If I retire from federal service, begin drawing my pension, and take a job with a private company or start my own business, I understand that I will lose the Social Security supplement if my gross income exceeds a certain threshold, but will I still be able to…

Q. I am retiring at age 50 as a federal law enforcement official at the end of the year. I would like to make penalty free withdrawals from my TSP starting next year. Can I make monthly withdrawals from my TSP account in the amount of my choosing without incurring the 10 percent early withdrawal penalty? I would not change the amount of the TSP monthly distributions until sometime after age 59. The TSP computed payments based on my life expectancy were too low of a figure.

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