TSP withdrawal question?

[youngin]

So if I were to start up a TSP I wouldn't be able to withdraw money from it until I turn 70.5?

 

[Show-me]

So if I were to start up a TSP I wouldn't be able to withdraw money from it until I turn 70.5?

Welcome to the mb and we are glad to see ya. You will be able to do a age based withdrawal at 59.5 years old and mandatory withdrawal at 70.5 years old.

 

[Spaf]

So if I were to start up a TSP I wouldn't be able to withdraw money from it until I turn 70.5?

Na!......I retired at 62. With my seperation papers I sent in to TSP the form 70 asking for a monthly withdrawl of X$.
Works good!...........................................................

Spaf

 

[clester]

So if I were to start up a TSP I wouldn't be able to withdraw money from it until I turn 70.5?

You can also what's called a 72t withdrawal at any age. They are monthly payments from your account using on 1 of 3 methods which are based on life expectancy. go to www.72t.net

 

[Harley69]

While employed, you can do hardship w/d from employee contributions (min $1000) and you can also take loans from the account also based on employee contributions. But, do actually do a w/d without penalty from the IRS you have to be at least 59 1/2 years of age. Loan have no taxes or penalties but payments are taken from your paycheck in addition to your contributions.