But there are some downsides to borrowing from your TSP account. And if the rate of return on investments in your account is higher than your interest rate, taking out a loan will mean you miss out on those higher earnings. Also, your interest payments are not tax deductible.
Because borrowing from your account can lead to having less money for retirement, you may want to consider other types of loans before drawing on your retirement savings with a TSP loan. Compare the costs to the APR of other loans, such as mortgages and personal loans. And take a look at credit cards that you might be able to use to cover general purchases instead particularly credit cards with a low intro APR offer.
Weigh the costs and benefits of each financing option before making a decision, and make sure that the loan or credit card payments fit into your budget. Image: Businesswoman talking on phone at the office. In a Nutshell Federal employees and members of the uniformed services may be eligible for a Thrift Savings Plan loan. A TSP loan allows you to borrow from your retirement savings to buy a house or pay for other things, but it can lead to having less money overall in your TSP account.
Advertiser Disclosure We think it's important for you to understand how we make money. Continued contributions to the TSP after making such a withdrawal are allowed while still employed. You must provide information on family income and expenses and supply documentation supporting the amount of your request note: simplified procedures may be used temporarily for those affected by a natural disaster. See your countdown to retirement under FERS!
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Skip to Content. Leadership Voices Podcasts. Events About Newsletters. Featured eBooks. Tammy Flanagan May 14, Here are some things Bill learned after contacting the ThriftLine to ask about his post-retirement withdrawal options: The old TSP application form for withdrawals is no longer used. The application is now completed online, following the same format. Then it becomes available for your use.
The TSP does not provide retroactive payments. Payments start after the TSP processes your application. Changes to monthly payment amounts or tax withholding are done online and processed by the TSP.
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