2023年1月4日 · Having the option of taking an in-service withdrawal from your TSP account can be a lifesaver when you’re facing a financial hardship. But before you do, evaluate your options carefully and know the consequences. It’s a permanent withdrawal from your TSP account. You can’t put the money back.

2023年7月17日 · To qualify for a hardship withdrawal, the participant must have an immediate and significant financial need that necessitates a distribution from his or her TSP account. The need must arise out of either a recurring negative monthly cash flow situation, medical expenses, legal expenses for separation or divorce, or personal casualty loss.

2022年5月15日 · There are two types of TSP withdrawals for active federal civilian workers and members of the uniformed services: financial hardship and age-59 ½. To qualify for a financial hardship withdrawal, you must have a financial need for at least one of the following reasons: In addition to the eligibility rules, the following apply:

2024年9月5日 · TSP members only qualify for financial hardship withdrawals if the federal government still employs them. The amount of the financial hardship withdrawal is limited to your financial need, but you cannot withdraw less than $1,000.

Earlier in 2024, the Thrift Savings Plan updated its rules for in-service withdrawals. There are two types of TSP in-service withdrawals. They are: (1) Financial hardship withdrawals and (2) Age-based (age 59.5) withdrawals.

2024年9月30日 · What are TSP Hardship Withdrawals? A financial hardship withdrawal may allow for early distribution from your TSP account under specific circumstances. It is a TSP in-service withdrawal without meeting the normal age requirements. Before performing this kind of financial hardship in-service withdrawal, you must have a qualifying financial need.

A TSP hardship withdrawal can provide essential financial relief. However, it's important to carefully consider the long-term impact.

2018年12月10日 · There are currently two ways that an employee younger than age 59 ½ can get money out of the Thrift Savings Plan. They are by means of a loan or a hardship withdrawal. If an employee is 59 ½ or...

2024年6月12日 · There are two types of in-service withdrawals: financial hardship and age-59½. Participants should thoroughly consider all their financial options before taking a hardship withdrawal. Any withdrawal can seriously impact your ability to …

2025年1月16日 · While a TSP is designed for long-term savings, you can access the funds early through hardship withdrawals and loans. However, there are consequences to this decision. Here, we break down TSP hardship withdrawals and note what you should consider before accessing your retirement funds early.