TSP withdrawal


Q. I plan on retiring Dec. 31, 2017. I will be 56 years old — my minimum retirement age — with 33½ years of service. I’m employed in a covered law enforcement position (DHS-CBP). My current TSP balance is approximately $465,000, and I only contribute to the basic TSP, not the TSP Roth. I would like to take a partial ($100,000) at retirement to pay off my house and also take a monthly set amount. Can I do both? Would I be subject to any early withdrawal penalty (under age 59½) on the partial $100,000 that I would use to pay off my home?

A. You may do what you plan and there will be no early withdrawal 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.

Leave A Reply