jjcjr
New Member
Cash: $ 0.65
Posts: 3
Joined: 10 Feb 2006
|
| When can I withdraw? |
 |
|
Hi,
I am a post office employee who has 8 years left until I get out. I made the switch from CSRS to FERS after 16 years. I will be 56.5 years old when I plan to retire that will be 30 years.. Do I have to wait until I am 59.5 to withdraw without penalty? A felloe worker told me that if you retire after age 55 you can withdraw penalty free. I know that most 401K's and IRA's require you to be 59.5 years old. Does anyone know this?
Thanks
|
Sat Feb 11, 2006 12:01 am |
|
|
jjcjr
New Member
Cash: $ 0.65
Posts: 3
Joined: 10 Feb 2006
|
Thanks Sarah, but I read that chapter and maybe it's me but I don't see where it says if you can rececive payments without penalty. I know I can transfer into an IRA but then the 59.5 rule applies. I want to have access at 56 without penalty. If I am misssing something I apologize.
|
|
Sat Feb 11, 2006 11:15 pm |
|
|
SkyPilot
Senior Member
Cash: $ 100.11
Posts: 492
Joined: 13 Mar 2005
|
I beleive the only other exception besides disability would be if you are a federal law enforcement officer (FLEO), firefighter or air traffic controller, though this info may be out of date or otherwise incorrect.
However, if you are one of these employees, and you are considering or required to retire early, it may be worth checking out. I know I am required to retire at age 57, and beleive I will be eligible for full benefits at that time (actually, I am eligible to retire at age 55 with these benefits).
|
|
Sun Feb 12, 2006 1:10 pm |
|
|
Dan_NJ
Contributing Member
Cash: $ 5.65
Posts: 28
Joined: 15 Mar 2005
|
My understanding is that you can withdraw from TSP without early withdrawal penalty if you are 55 and retiring on an immediate annuity.
http://www.navytimes.com/story.php?f=1-292313-661555.php
Dan
|
|
Sun Feb 12, 2006 1:43 pm |
|
|
jjcjr
New Member
Cash: $ 0.65
Posts: 3
Joined: 10 Feb 2006
|
Thanks everybody, you have been most helpful
|
|
Mon Feb 13, 2006 10:30 pm |
|
|
|
