TSP Early Withdrawal

[MReynolds]

I'm in my forties and plan on leaving the postal service this year. Can I withdrawal all or a portion of the funds from my TSP account after separation? I know there is an additional 10% penalty involved for early withdrawals but I'm curious if tapping into my account is even possible at my age.

 

[Dutchy]

I suggest you check the TSP.GOV website. You can also call the 800 number. I believe you can withdraw all or a portion of your TSP but there is a 10% penalty for most before age 59 1/2.

 

[Frixxxx]

I'm in my forties and plan on leaving the postal service this year. Can I withdrawal all or a portion of the funds from my TSP account after separation? I know there is an additional 10% penalty involved for early withdrawals but I'm curious if tapping into my account is even possible at my age.

Early withdrawals are subject to taxes/penalties and state taxes.

If you can, leave it in TSP and manage it, or move to your future employer's benefit plan.

Go here where TSP discusses your question - https://www.tsp.gov/planparticipation/withdrawals/requestingWithdrawal.shtml

 

[clester]

I'm in my forties and plan on leaving the postal service this year. Can I withdrawal all or a portion of the funds from my TSP account after separation? I know there is an additional 10% penalty involved for early withdrawals but I'm curious if tapping into my account is even possible at my age.

Yes you can. If you use a 72t method you don't owe a penalty. Check out 72t.Net |IRC Section 72(t) | 72t Distribution | 72t Calculators | SEPP Plans for info. For lump sum withdrawal you will pay penalty and taxes