Hi, I will be exploring thru the site for all the information I can relating to setting up a 72(T) since I am a Federal Law Enforcement Officer who is eligible to retire at 50 with 20 years of service or mandatory retirement age of 57. My retirement income will consist of a Defined Benefit Plan Pension with accompanying FERS Supplement. My last component will be a necessary monthly income flow from my Thrift Savings Account, a Defined Contribution Plan. I understand the effects of the early withdrawl penalty, thus my interest in a 72(t). Anyone with any thoughts, please contact me.
Hello, new poster here -Law Enforcement Officer
- Thread starter ynotbop
- Start date
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Recycles dryer sheets
- Joined
- Aug 9, 2005
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- 193
Welcome to the forums, ynotbop.
RetireeRobert
Thinks s/he gets paid by the post
I am not at all sure, but seems like maybe law enforcement/firemen plans might have rules allowing withdrawal at earlier ages. Maybe these rules apply only to pension plans, but I would inquire of your TSA plan too about that.
RetireeRobert
Thinks s/he gets paid by the post
Thninking some more, governmental employees often have 457 deferred compensation plans. 457's allow withdrawals with no penalty at any age as long as employee has terminated job with that employer. Check with your plan administrator about that.
donheff
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If you wait until 55 you can pull your TSP pretty much as you see fit without penalty. If you go earlier and want to avoid a penalty you need to withdraw "substantially equal payments" based on life expectancy. You can choose that as the method of withdrawal and the TSP will calculate and make the payments. Also see page four of the TSP tax booklet.
