TSP Withdrawal Guide For Rehired Federal Employees
When you separate from federal service, you will have the option of making a TSP withdrawal. But what happens if, for some reason, you are then rehired as a federal employee? What happens to your withdrawal depends upon the duration of the break in service, and the type of withdrawal you have opted for. Here are the…
Read MoreForm TSP 70 Checklist – Request for Full Withdrawal
Form TSP 70 is the form you need to fill up and submit when making a request for a full and immediate withdrawal of your entire vested Thrift Savings Plan (TSP) account balance. The TSP 70 form may be used only after you leave federal employment, and your employing agency confirms your separation from Federal…
Read MoreTSP Financial Hardship Withdrawal
One of the ways to make an in-service TSP withdrawal is by exercising the TSP Financial Hardship Withdrawal provision and showing proof of financial hardship. Before you do this, you should know a few things about eligibility and the impact of this action on your account. For starters, the financial need would have to do…
Read MoreWithdrawal Guide for TSP Beneficiary Participant Account
TSP 90 Form Assuming an account balance of $200 or more, the spouse beneficiary of a deceased TSP participant can automatically have a TSP Beneficiary Participant Account (BPA) established in your name. The TSP should at this time send you a letter that provides detailed information about the account and your rights regarding investments and withdrawals. When…
Read MoreIn Service TSP Withdrawal vs. TSP Loan
If you are in need of cash while you are still a federal employee and decide to take a Thrift Savings Plan (TSP) withdrawal, you can use one of two options. One is a loan, and the other is an In-Service TSP Withdrawal. Before you decide, it might be useful to make a comparison of the costs and…
Read MoreTSP Withdrawal and Loans During a Government Shutdown
It’s not difficult to imagine that federal employees with investments in the Thrift Savings Plan (TSP) funds might need to take a TSP Withdrawal during a federal shutdown, especially if these employees happen to be furloughed for a couple of weeks or more. However, if you’re planning to make a TSP withdrawal, or apply for a TSP loan during this period,…
Read MoreWhere Does Your TSP Withdrawal Come From?
When you are making investment decisions related to your Thrift Savings Plan (TSP), one of the things that you should keep in mind is that your TSP withdrawals are taken equally from your TSP fund allocation. You cannot pick and choose which fund or type of investment the money will come out of. TSP Withdrawals typically extract sums from…
Read MoreTips to Avoid the TSP Early Withdrawal Penalty
Most federal employees are aware that you get hit with a 10% penalty for early withdrawals from your TSP account. Beyond that, the details are usually murky, and you don’t think you have to worry about it until you need to make withdrawals. However, it might be good to know just in case you suddenly need to whip…
Read MoreHow to Initiate Your TSP Withdrawal
Note that this article outlines the step by step process of how to withdraw from tsp after leaving federal service and not the types of withdrawals, which are explained in more detail in another article. The first requirement is for the Thrift Savings Plan to be notified about your federal separation by your employing agency. It…
Read MoreTSP Partial Withdrawal – Step by Step Guide
You can make a full or tsp partial withdrawal after you leave federal service. As of the writing of this article, the Thrift Savings Plan rules allow you to make a single one-time-only partial withdrawal, leaving the rest in the account until later. The conditions under which you can do this are very simple: – This should…
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