Retirement Withdrawals. Since the TSP is a retirement plan, there is no penalty for withdrawing your money during retirement. If you stop working for the federal government, you can start making retirement withdrawals when you turn 55. If you keep working for the federal government, you need to wait until you turn 59-1/2.
DFAS military pay dates (active duty and reserve) are the 1 st and 15 th of every month unless those dates fall on a weekend or holiday. Whenever a payday falls on a weekend or holiday, pay is issued on the last workday preceding the 1st and the 15th. Active duty and reserve members are paid twice a month.
The Average Military Retired Pay. Military retirement pay in the United States is the best in the country. If you have served in the military you can draw retirement as soon as you leave service. This means that you can receive retirement pay as early as 37 years old. Changes in military retirement pay were implemented with the National Defense Authorization Act for fiscal year 2007. Since January 1, 2007 the percentage cap that limited retirement pay to a 75% cap was lifted. This means that if one serves for more than 30 years he or she is given credit for 80% of served time. For more than 40 years credit is given for 105% of served time.