TSP withdrawal penalty

[JimmyJoe]

I read somewhere that if you withdrew the remainder of your tsp account you would be penalized if you had no subsequent money in your account before you reached some such age, 65, 70? Is there a penalty if you run out of money before a certain age? This is not in reference to withdrawal upon initial retirement. I've been retired for 3 years. Any advice out there?

 

[Frixxxx]

Re: Tsp withdrawal penalty

https://www.youtube.com/watch?v=oBalD16xd6U

Is the penalty portion if you are not 59 1/2.

Taxes:
https://www.tsp.gov/PDF/formspubs/tsp-536.pdf

Simply running out of money is NOT a penalty, it's your money, or lack of money.

But there are minimal dispersements required at 70. So they get the taxes!

 

[Mcqlives]

Re: Tsp withdrawal penalty

Don't forget the penalty exception to money which is withdrawn under a 72t plan.

 

[JimmyJoe]

Re: Tsp withdrawal penalty

Thanks