Browsing: MRA – minimum retirement age

Q. My spouse and I are FERS employees and are considering retirement in the second half of 2016. I have 30+ years and meet age requirements. My spouse meets the MRA +10 requirement. In anticipation of retirement and to take advantage of tax considerations, we are considering applying 100 percent of our wages, starting with the first pay period 2016, until we reach 2016 maximum TSP and TSP catch-up limits. During this time we can live off our cash reserves. Is there a down side to using this approach from the perspective of the government matching our TSP contributions? And should we use this…

Q. You have answered a question of mine previously that when I reach MRA (age 56) with 36 years of service I will be able to withdraw TSP without an early withdrawal penalty. That’s fine, but I read a post about an individual who was under the firefighter/ law enforcement retirement criteria and would be subject to early withdrawal penalties up until age 59 ½. I’m a little confused; if I have met MRA but am under 59 ½ how do I not get a penalty and they do, when they have met the criteria for FF/LEO/ATC retirement?