WebApr 7, 2024 · This exception, the special rule for the Thrift Savings Plan, only refers to funds coming to you directly from the TSP. You can’t take money from the TSP and move it to an IRA in the private sector and then take a distribution out of that IRA. If you do that, you’re going to suffer a penalty. So this money has to come to you directly from ... WebJun 21, 2024 · The first situation that it may make sense to use a TSP loan is to pay off high-interest loans such as credit cards. In many cases, credit card interest can be 15%-20% while the current interest rate on a TSP loan is 1.375% (as of 3/30/21). Not to mention that any interest that you do pay on a TSP loan just goes back into your account.
Rollovers: Moving Your Money Out of the TSP - FEDweek
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WebJan 5, 2024 · In short- it’s your money, you can always get it out. But it might be very expensive for you to do so. Here is a chart of the methods available to withdraw from your TSP: TSP Hardship Withdrawal. ... WebBasically if you take out a certain amount from your TSP or IRA every year for 5 years or until age 59 and ½ (whichever comes later) then you won’t have the 10% penalty. The amount you’d withdraw is calculated one of three ways and you can choose which calculation to use. The three different methods are: The amortization method WebMar 16, 2010 · If you leave federal service after you turn 55, but before you are 59 ½, you can withdraw money without the 10% early withdrawal penalty you would incur with an IRA. If you left federal service before you turned 55, or you transfer your TSP account to an IRA, there is a 10% penalty for most funds withdrawn prior to age 59 ½. plywood email