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.
There are four types of pay that can go into TSP: basic pay, special pay, incentive pay, and bonuses *see below for a list of which pay falls into which category*. You can select a percentage of each type of pay to be put into TSP. Consider your situation and figure out how to put lots into TSP. For example, my husband contributes 12% of his basic pay (we increase it a percentage with each pay raise) and he also contributes 100% of his special pays. This means when he goes somewhere that entitles him to special pay, like out on the ship, all that money gets funneled straight to TSP.