This may sound a fanciful scenario, yet recent events across Europe â including the looming independence referendum in Scotland â tell a very different story. Six days ago, the people of Spainâs most prosperous region, Catalonia, voted overwhelmingly for parties favouring the breaking away from Spanish rule.
1 If you are 55 or older and retired, you can withdraw from your TSP without being charged the 10% tax penalty (which is normally tacked onto early withdrawals) in addition to regular income taxes.
The IRS doesn't charges taxes or a penalty on TSP loans. You can borrow up to $50,000 from your TSP. Most loans need to be paid back with interest within five years. If you take out a loan to buy or build your primary residence, you have up to 15 years to repay the loan.t's like a 401(k) for government workers. In exchange for these benefits, the IRS limits when you can withdraw money from your TSP. If you don't make your TSP withdrawal under the right circumstances, you'll get charged an extra penalty.