How Can I Pull Money From My TSP Account?

Withdrawing money from your Thrift Savings Plan (TSP) account involves understanding your options, especially if you’re aiming to optimize your financial strategy. At money-central.com, we provide the insights and tools necessary to navigate these decisions effectively, ensuring you make informed choices about your retirement funds. By exploring the distribution options available, and considering the tax implications and long-term financial goals, you can strategically plan how to access and manage your TSP savings.

1. What Is a TSP and Why Is It Important?

The Thrift Savings Plan (TSP) is a retirement savings plan specifically for federal employees and members of the uniformed services. It is similar to a 401(k) plan offered by private companies and serves as a significant component of the federal retirement system. Understanding the TSP is crucial for planning your financial future.

The TSP’s importance lies in several key factors:

Tax Benefits: The TSP offers traditional and Roth options, each with its own tax advantages. Contributions to a traditional TSP are tax-deductible, lowering your current taxable income, while Roth TSP contributions are made after tax, allowing for tax-free withdrawals in retirement.
Low-Cost Investment Options: The TSP is known for its low-cost investment funds, including the C Fund (tracking the S&P 500), S Fund (small-cap stocks), I Fund (international stocks), G Fund (government securities), and lifecycle funds (L Funds). These low costs can significantly enhance long-term investment returns.
Government Guarantee: The G Fund is unique to the TSP and is invested in government securities, providing a safe and stable investment option. The government guarantees the principal and interest, making it a low-risk choice for preserving capital.
Portability: When you leave federal service, you have several options for your TSP account, including leaving the money in the TSP, rolling it over to another retirement account (such as an IRA or 401(k)), or taking a distribution. This flexibility allows you to manage your retirement savings as your career evolves.
Automatic Enrollment: New federal employees are automatically enrolled in the TSP, encouraging early participation in retirement savings. While employees can opt out, automatic enrollment helps to ensure that more individuals start saving for retirement early in their careers.
Matching Contributions: The federal government matches contributions for eligible employees, providing an additional incentive to save. Understanding the matching structure is critical to maximizing your retirement savings.

The TSP is vital because it not only facilitates retirement savings but also offers a secure and cost-effective way to invest and manage your money. By understanding the TSP’s features and benefits, federal employees can make informed decisions to secure their financial future.

2. What Are the Eligibility Requirements to Withdraw Money from TSP?

To withdraw money from the Thrift Savings Plan (TSP), you must meet specific eligibility requirements. These requirements vary depending on whether you are still employed by the federal government or have separated from federal service.

While Employed

Age 59½ or Older: If you are still working for the federal government and are age 59½ or older, you can make what is known as an “age-based in-service withdrawal.” This allows you to access your TSP funds without having to leave your job.
Financial Hardship: If you are experiencing a financial hardship, you may be eligible to withdraw funds from your TSP account. The TSP defines financial hardship as a significant and unavoidable financial need, such as:
- Medical expenses
- Legal expenses
- Damage to your primary residence

To qualify for a hardship withdrawal, you must provide documentation to support your claim, and the amount you can withdraw is limited to the documented need.

After Separating from Federal Service

Once you leave federal service, you have several options for accessing your TSP funds, and the eligibility requirements are less restrictive:

Separation from Service: The primary requirement is that you must have separated from federal service. This includes retirement, resignation, or termination. There is no minimum age requirement to withdraw funds after separation, but age can affect the tax implications.
Vested Balance: You must have a vested balance of at least $200 in your TSP account. Vesting refers to the portion of your TSP account that you own. Generally, you are immediately vested in your own contributions and any earnings on those contributions. Government matching contributions, however, may be subject to a vesting period, typically requiring a certain number of years of service.
Beneficiary Participants: If you are a beneficiary participant, meaning you inherited a TSP account, your withdrawal options and eligibility requirements may differ from those of regular participants.

General Requirements

Regardless of whether you are still employed or have separated from service, there are some general requirements to keep in mind:

Account Status: Your TSP account must be in good standing. This means that it should not be subject to any legal orders or other restrictions that would prevent you from making withdrawals.
Documentation: You will need to provide certain documentation to support your withdrawal request, such as proof of separation from service or documentation of financial hardship.
Tax Implications: Understanding the tax implications of your withdrawal is crucial. Withdrawals from a traditional TSP account are subject to federal income tax, and may also be subject to state income tax. If you are under age 59½, you may also be subject to a 10% early withdrawal penalty, unless an exception applies. Withdrawals from a Roth TSP account are tax-free in retirement, provided you meet certain conditions, such as being age 59½ or older and having held the account for at least five years.

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3. What Are the Different Ways to Access Your TSP Funds?

There are several ways to access your funds in the Thrift Savings Plan (TSP), each with its own advantages and considerations. Understanding these options can help you make informed decisions based on your financial needs and goals.

Partial Distribution

A partial distribution allows you to withdraw a portion of your TSP account balance while leaving the rest invested.

Minimum Amount: Partial distributions must be at least $1,000.
Frequency: You can take multiple partial distributions, but there may be restrictions on how often you can do so.
Account Impact: Your remaining TSP balance continues to grow tax-deferred (or tax-free for Roth TSP), allowing you to benefit from future investment gains.

Total Distribution

A total distribution involves withdrawing your entire TSP account balance in a single payment.

Account Closure: Once a total distribution is processed, your TSP account will be closed, and you will no longer be able to contribute to or move money into the TSP.
Tax Implications: The entire distribution is subject to federal (and possibly state) income tax in the year it is received. If you are under age 59½, the distribution may also be subject to a 10% early withdrawal penalty, unless an exception applies.
Installment Cessation: If you are currently receiving installments, they will stop when you request a total distribution.

Annuity Purchase

You can use all or part of your TSP account to purchase a life annuity through the TSP’s annuity vendor.

Guaranteed Income: An annuity provides a guaranteed stream of income for the rest of your life (or for the lives of you and your joint annuitant, if you choose a joint life annuity).
Irreversible Decision: Once you purchase an annuity, the decision is irreversible. You give up control of the money in exchange for the guaranteed payments.
Minimum Purchase: The minimum amount for an annuity purchase is $3,500 for the traditional balance and $3,500 for the Roth balance.
Factors Affecting Payment Amount: The amount of your monthly annuity payment is calculated based on several factors:
- The dollar amount of your purchase
- Your age (and the age of your joint annuitant, if applicable)
- The type of annuity you choose
- The annuity interest rate index at the time of purchase

Installments (Automatic Withdrawals)

Installments, also known as automatic withdrawals, allow you to receive regular payments from your TSP account.

Payment Frequency: You can choose to receive payments monthly, quarterly (every three months), or annually.
Installment Amount: There are two ways to set the installment amount:
- Fixed Dollar Amount: You choose a specific dollar amount to receive in each installment, as long as it is at least $25.
- Life Expectancy: The TSP calculates your installments based on IRS life expectancy tables. The initial installment amount is based on your age and account balance at the time of the first installment. Each January, the TSP recalculates the amount based on your age and account balance at the end of the preceding year.
Flexibility: You can start, stop, or change your installments at any time.
Tax Considerations: Each installment payment is subject to federal (and possibly state) income tax. If you are under age 59½, the 10% early withdrawal penalty may apply, unless an exception applies.

Combination of Options

You can request a distribution using any combination of the above methods. For example, you could take a partial distribution, purchase an annuity with part of your remaining balance, and receive the rest in installments.

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4. How to Request a Withdrawal or Distribution from TSP?

Requesting a withdrawal or distribution from your Thrift Savings Plan (TSP) involves a straightforward process, but it’s essential to follow each step carefully to ensure your request is processed correctly.

Online Request via My Account

The easiest way to request a withdrawal or distribution is through the TSP website using My Account.

Log In: Access the TSP website (money-central.com) and log in to your My Account. If you don’t have an account, you’ll need to register first.
Navigate to Withdrawals and Distributions: Once logged in, navigate to the “Withdrawals and Distributions” section. This is typically found in the main menu or dashboard.
Select Your Withdrawal Type: Choose the type of withdrawal or distribution you want to request (e.g., partial distribution, total distribution, installments, or annuity purchase).
Provide Required Information: Follow the prompts and provide all the necessary information. This may include:
- The amount you want to withdraw (for partial distributions)
- Your payment frequency (for installments)
- Your banking information for direct deposit
- Beneficiary information (if applicable)
Review and Submit: Carefully review all the information you’ve entered to ensure it’s accurate. Once you’re satisfied, submit your request.
Confirmation: You should receive a confirmation message or email indicating that your request has been received and is being processed.

Contact the ThriftLine

If you prefer, you can also request a withdrawal or distribution by contacting the ThriftLine.

Call the ThriftLine: Call the ThriftLine at 1-877-968-3778. Be prepared to provide your TSP account number and other identifying information.
Speak with a Representative: Follow the prompts to speak with a TSP representative. Explain the type of withdrawal or distribution you want to request and provide the necessary information.
Follow Instructions: The representative will guide you through the process and provide any additional instructions.
Confirmation: Make sure to ask for a confirmation number or other proof that your request has been submitted.

Important Considerations

Regardless of which method you choose, keep the following considerations in mind:

Timing: Withdrawal and distribution requests are processed each business day. Requests entered in the system before noon eastern time are processed that same night. Requests received after noon are processed the next business processing night.
Cancellation or Changes: You can only cancel or change your request up until noon on the day your request is scheduled to be processed. Therefore, it’s essential to carefully consider your options before submitting a request.
Tax Withholding: Federal income tax will be withheld from your withdrawal or distribution. You can choose to have additional amounts withheld to cover state income tax, if applicable.
Direct Deposit: To ensure timely and secure delivery of your funds, it’s recommended that you set up direct deposit to your bank account.
Documentation: Keep a copy of all documentation related to your withdrawal or distribution request for your records.
Review Your Options: Before requesting a withdrawal or distribution, make sure you understand your options, the effects on your TSP account, tax rules, and other details.

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5. What Are the Tax Implications of Withdrawing from TSP?

Understanding the tax implications of withdrawing from your Thrift Savings Plan (TSP) is crucial, as it can significantly affect the amount of money you actually receive.

Traditional TSP

Taxable Withdrawals: Withdrawals from a traditional TSP account are generally subject to federal income tax in the year they are received. The withdrawn amount is treated as ordinary income, and you will be taxed at your current income tax rate.
Tax Withholding: The TSP is required to withhold federal income tax from your withdrawals. You can choose to have additional amounts withheld to cover state income tax, if applicable.
Early Withdrawal Penalty: If you are under age 59½, withdrawals from your traditional TSP account may be subject to a 10% early withdrawal penalty, in addition to regular income tax. However, there are several exceptions to this penalty, including:
- Death or Disability: If you become disabled or pass away, the 10% penalty does not apply.
- Installments Based on Life Expectancy: If you take installments based on your life expectancy, the penalty may not apply. However, the penalty can be applied retroactively if you stop your life expectancy installments or take additional money from your account within five years of beginning your installments or before you turn 59½ years old.
- Financial Hardship: In certain cases of financial hardship, the penalty may be waived.
Rollovers: You can avoid paying taxes on your traditional TSP account by rolling it over into another tax-deferred retirement account, such as a traditional IRA or a 401(k). This allows your money to continue growing tax-deferred until you withdraw it in retirement.

Roth TSP

Qualified Withdrawals: Withdrawals from a Roth TSP account are generally tax-free and penalty-free, provided they are considered “qualified.” A withdrawal is considered qualified if:
- It is made after you reach age 59½, or
- It is made after your death or disability, and
- It is made at least five years after January 1 of the year you made your first Roth contribution.
Non-Qualified Withdrawals: If you withdraw earnings from your Roth TSP account before meeting the requirements for a qualified withdrawal, the earnings will be subject to federal income tax and the 10% early withdrawal penalty, if you are under age 59½.
Contribution Withdrawals: You can always withdraw your contributions from a Roth TSP account tax-free and penalty-free, as you have already paid taxes on these amounts.
Rollovers: You can roll over your Roth TSP account into another Roth retirement account, such as a Roth IRA or a Roth 401(k), without incurring any taxes or penalties.

Annuities

Taxable Portion: When you purchase an annuity with your TSP funds, the payments you receive will be partly taxable and partly non-taxable. The taxable portion represents the earnings on your investment, while the non-taxable portion represents the return of your original investment.
Exclusion Ratio: The TSP will calculate an exclusion ratio to determine the taxable and non-taxable portions of each annuity payment.

State Taxes

In addition to federal income tax, your TSP withdrawals may also be subject to state income tax, depending on the state in which you reside. Consult with a tax advisor to understand the specific tax rules in your state.

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6. Can You Roll Over Your TSP Funds to Another Account?

Yes, you can roll over your Thrift Savings Plan (TSP) funds to another retirement account. This is a common strategy for those who want to consolidate their retirement savings or gain access to different investment options.

Types of Rollovers

Traditional TSP to Traditional IRA or 401(k): You can roll over your traditional TSP funds into a traditional IRA or a traditional 401(k). This type of rollover allows you to maintain the tax-deferred status of your savings. The amount you roll over will not be subject to income tax in the year of the rollover.
Roth TSP to Roth IRA or Roth 401(k): You can roll over your Roth TSP funds into a Roth IRA or a Roth 401(k). This type of rollover allows you to maintain the tax-free status of your qualified withdrawals in retirement.
Traditional TSP to Roth IRA (Conversion): You can convert your traditional TSP funds into a Roth IRA. However, this conversion is a taxable event. The amount you convert will be subject to income tax in the year of the conversion. This may be a beneficial strategy if you expect your tax rate to be higher in retirement than it is now.

Direct vs. Indirect Rollovers

Direct Rollover: In a direct rollover, the TSP sends the funds directly to the new retirement account. This is generally the preferred method, as it avoids the risk of taxes being withheld from the distribution.
Indirect Rollover: In an indirect rollover, the TSP sends the funds to you, and you are responsible for depositing them into the new retirement account within 60 days. If you do not deposit the funds within 60 days, the distribution will be subject to income tax and the 10% early withdrawal penalty, if you are under age 59½.

Steps to Roll Over Your TSP Funds

Open a New Retirement Account: Open a traditional IRA, Roth IRA, traditional 401(k), or Roth 401(k) with a financial institution of your choice.
Contact the TSP: Contact the TSP and inform them that you want to roll over your funds. You can do this online through My Account or by calling the ThriftLine.
Complete the Required Paperwork: The TSP will provide you with the necessary paperwork to initiate the rollover. Complete the paperwork and return it to the TSP.
Choose a Direct or Indirect Rollover: Decide whether you want a direct or indirect rollover. As mentioned earlier, a direct rollover is generally the preferred method.
Confirm the Rollover: After the TSP processes your request, confirm that the funds have been transferred to your new retirement account.

Considerations Before Rolling Over Your TSP Funds

Fees: Compare the fees associated with the TSP and the new retirement account. The TSP is known for its low-cost investment options, so it’s important to ensure that the new account offers competitive fees.
Investment Options: Consider the investment options available in the new retirement account. Make sure that the account offers a variety of investment options that align with your risk tolerance and investment goals.
Tax Implications: Understand the tax implications of rolling over your TSP funds. If you are considering a conversion from a traditional TSP to a Roth IRA, be sure to consult with a tax advisor to determine if this is the right strategy for you.
Age: Keep in mind that certain retirement accounts, such as 401(k)s, may have different rules for withdrawals before age 59½.

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7. What Happens to Your TSP Account If You Die?

If you die, your Thrift Savings Plan (TSP) account will be distributed to your beneficiaries. The rules for how your account is distributed depend on whether you are married at the time of your death.

If You Are Married

Spouse as Beneficiary: If you are married, your spouse is automatically your primary beneficiary, unless you file a spousal waiver designating someone else as your beneficiary.
Spouse’s Options: Your spouse has several options for how to receive your TSP account:
- Spousal Beneficiary Account: Your spouse can transfer your TSP account into a spousal beneficiary account. This account is similar to a traditional TSP account, and your spouse can continue to invest the funds and take withdrawals as needed.
- Withdrawal: Your spouse can withdraw the funds from your TSP account. The withdrawal will be subject to income tax, and may also be subject to the 10% early withdrawal penalty if your spouse is under age 59½.
- Rollover: Your spouse can roll over your TSP account into their own retirement account, such as a traditional IRA or Roth IRA. This allows your spouse to maintain the tax-deferred or tax-free status of your savings.
Spousal Waiver: If you want to designate someone other than your spouse as your primary beneficiary, your spouse must sign a spousal waiver. This waiver must be notarized.

If You Are Not Married

Designated Beneficiaries: If you are not married, your TSP account will be distributed to your designated beneficiaries. You can designate one or more beneficiaries, and you can specify the percentage of your account that each beneficiary should receive.
Order of Precedence: If you do not designate any beneficiaries, your TSP account will be distributed according to the following order of precedence:
- To your surviving spouse
- If no surviving spouse, to your child or children equally, with the share of any deceased child distributed among the descendants of that child
- If none of the above, to your parents equally or to the surviving parent
- If none of the above, to the person or persons who would be entitled to your estate under the laws of the state in which you resided at the time of your death

Tax Implications for Beneficiaries

The tax implications for beneficiaries depend on the type of TSP account and the relationship of the beneficiary to the deceased.

Traditional TSP: If the beneficiary is not a spouse, withdrawals from a traditional TSP account are subject to income tax. The beneficiary can choose to receive the funds in a lump sum or in installments.
Roth TSP: If the beneficiary is a spouse, withdrawals from a Roth TSP account are generally tax-free. If the beneficiary is not a spouse, withdrawals from a Roth TSP account are also generally tax-free, provided the five-year rule has been met.
Spousal Beneficiary Account: If the spouse transfers the TSP account into a spousal beneficiary account, the account will continue to be treated as a retirement account, and withdrawals will be subject to the same rules as withdrawals from a traditional or Roth TSP account.

Steps to Take After the Death of a TSP Participant

Notify the TSP: Notify the TSP of the participant’s death as soon as possible.
Provide Documentation: Provide the TSP with the necessary documentation, such as a copy of the death certificate.
Complete the Required Paperwork: The TSP will provide you with the necessary paperwork to claim the account. Complete the paperwork and return it to the TSP.
Choose a Distribution Option: Choose how you want to receive the funds from the TSP account.
Consult with a Tax Advisor: Consult with a tax advisor to understand the tax implications of your distribution options.

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8. What Are Required Minimum Distributions (RMDs) and How Do They Affect TSP?

Required Minimum Distributions (RMDs) are the minimum amounts that you must withdraw from your retirement accounts each year, starting at a certain age. RMDs are designed to ensure that the government receives tax revenue from tax-deferred retirement accounts.

Age at Which RMDs Begin

The age at which you must begin taking RMDs depends on your date of birth:

Born Before 1951: RMDs must begin at age 72.
Born in 1951-1959: RMDs must begin at age 73.
Born in 1960 or Later: RMDs must begin at age 75.

Calculating RMDs

The amount of your RMD is calculated by dividing your retirement account balance as of December 31 of the previous year by a life expectancy factor published by the IRS. The life expectancy factor is based on your age and is designed to ensure that you withdraw a certain percentage of your account each year.

RMDs and TSP

RMDs apply to your traditional TSP account. This means that you must begin taking RMDs from your traditional TSP account at the required age.

Roth TSP: RMDs do not apply to your Roth TSP account during your lifetime. However, after your death, your beneficiaries may be required to take distributions from your Roth TSP account.
Calculating RMDs for TSP: The TSP will calculate your RMD each year and will notify you of the amount you must withdraw. You can choose to receive your RMD in a lump sum or in installments.
Failure to Take RMDs: If you fail to take your RMD, you may be subject to a penalty equal to 25% of the amount you should have withdrawn. The IRS may reduce this penalty to 10% if you correct the error within a correction window.

RMD Options for TSP Participants

Installments Based on Life Expectancy: You can choose to receive your RMD in installments based on your life expectancy. This option allows you to spread out your RMD payments over the course of the year.
Lump Sum Withdrawal: You can choose to receive your RMD in a lump sum withdrawal. This option may be beneficial if you need the funds immediately.
Transfer to an IRA: You can transfer your TSP account to an IRA and take your RMDs from the IRA. This option may provide you with more flexibility in terms of investment options and withdrawal strategies.

RMD Planning Strategies

Consult with a Financial Advisor: Consult with a financial advisor to develop a comprehensive RMD plan. A financial advisor can help you determine the best withdrawal strategy based on your individual circumstances.
Consider Roth Conversions: If you have a significant amount of money in your traditional TSP account, consider converting some of it to a Roth TSP account. This can reduce your RMD obligations in the future.
Coordinate with Other Retirement Accounts: Coordinate your RMDs with your other retirement accounts to minimize your overall tax burden.

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9. What Are the Common Mistakes to Avoid When Withdrawing From TSP?

Withdrawing from your Thrift Savings Plan (TSP) requires careful planning to avoid costly mistakes that could impact your financial future.

Not Understanding Your Withdrawal Options

Mistake: Failing to fully understand the different withdrawal options available, such as partial distributions, total distributions, annuities, and installments.
Solution: Take the time to research and understand each option. Consider your financial needs, tax implications, and long-term goals before making a decision.

Withdrawing Too Early

Mistake: Withdrawing funds before age 59½ without considering the 10% early withdrawal penalty.
Solution: Be aware of the early withdrawal penalty and explore alternative options before tapping into your TSP account. If you must withdraw early, determine if you qualify for an exception to the penalty.

Ignoring Tax Implications

Mistake: Overlooking the tax implications of your withdrawals, such as federal and state income taxes.
Solution: Understand that withdrawals from a traditional TSP account are generally taxable. Plan for taxes by having the TSP withhold a sufficient amount or by making estimated tax payments.

Not Considering RMDs

Mistake: Neglecting to plan for Required Minimum Distributions (RMDs) once you reach the required age.
Solution: Be aware of the RMD rules and calculate your RMD each year. Consider setting up automatic withdrawals to ensure you meet your RMD obligations.

Failing to Update Beneficiaries

Mistake: Failing to keep your beneficiary designations up to date.
Solution: Review and update your beneficiary designations regularly, especially after major life events such as marriage, divorce, or the birth of a child.

Not Seeking Professional Advice

Mistake: Making withdrawal decisions without seeking advice from a qualified financial advisor.
Solution: Consult with a financial advisor who can help you develop a withdrawal strategy that aligns with your financial goals and risk tolerance.

Withdrawing Too Much Too Soon

Mistake: Withdrawing a large sum of money from your TSP account without considering the long-term impact on your retirement savings.
Solution: Develop a sustainable withdrawal plan that takes into account your life expectancy, investment returns, and other sources of income.

Not Rolling Over Funds Properly

Mistake: Failing to roll over your TSP funds properly when leaving federal service, resulting in unintended tax consequences.
Solution: Understand the rules for rolling over your TSP funds and follow the correct procedures to avoid taxes and penalties. Consider a direct rollover to avoid the risk of taxes being withheld.

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10. Where Can You Find Additional Resources and Support for Managing Your TSP?

Managing your Thrift Savings Plan (TSP) effectively requires access to reliable resources and support. Fortunately, there are several avenues available to help you navigate your TSP account and make informed decisions.

TSP Website

Comprehensive Information: The official TSP website (money-central.com) is the primary source for information about the TSP. It provides detailed explanations of the plan’s features, investment options, withdrawal rules, and more.
My Account: The My Account section of the TSP website allows you to manage your TSP account online. You can view your account balance, make contributions, change your investment elections, request withdrawals, and update your personal information.
Publications and Forms: The TSP website offers a variety of publications and forms that you can download for free. These resources cover a wide range of topics, such as tax rules, withdrawal options, and beneficiary designations.

ThriftLine

Customer Service: The ThriftLine is the TSP’s customer service center. You can call the ThriftLine to speak with a TSP representative who can answer your questions and provide assistance with your account. The ThriftLine number is 1-877-968-3778.
Hours of Operation: The ThriftLine is available Monday through Friday, from 8:00 a.m. to 8:00 p.m. eastern time.

Financial Advisors

Personalized Advice: A financial advisor can provide personalized advice and guidance on how to manage your TSP account. They can help you develop a financial plan, choose the right investment options, and make informed withdrawal decisions.
Fee-Based Advisors: Consider working with a fee-based financial advisor who is not affiliated with the TSP. This can help ensure that you receive unbiased advice.

Federal Retirement Thrift Investment Board (FRTIB)

Oversight: The FRTIB is the independent government agency that oversees the TSP. The FRTIB is responsible for managing the TSP’s investments and ensuring that the plan is administered in accordance with the law.
Reports and Publications: The FRTIB publishes reports and publications that provide information about the TSP’s performance and operations.

TSP Seminars and Webinars

Educational Opportunities: The TSP offers seminars and webinars that provide educational opportunities for TSP participants. These events cover a variety of topics, such as investment strategies, retirement planning, and withdrawal options.
Schedule: Check the TSP website for a schedule of upcoming seminars and webinars.

Credit Unions and Banks

Financial Education: Many credit unions and banks offer financial education resources that can help you manage your money and plan for retirement.
Workshops and Seminars: Some credit unions and banks also offer workshops and seminars on retirement planning and investment strategies.

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Remember, money-central.com offers a wealth of information, tools, and resources to help you navigate your financial journey with confidence.

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FAQ: How to Pull Money From TSP?

What is the Thrift Savings Plan (TSP)?
The Thrift Savings Plan (TSP) is a retirement savings plan for federal employees and members of the uniformed services, similar to a 401(k) plan.
Who is eligible to withdraw money from the TSP?
Federal employees and service members who have separated from service, those over 59½, or those experiencing financial hardship may be eligible to withdraw funds.
What are the different ways to access TSP funds?
You can access your TSP funds through partial withdrawals, total withdrawals, annuity purchases, or installment payments.
How do I request a withdrawal from my TSP account?
You can request a withdrawal online through the TSP website (money-central.com) or by contacting the ThriftLine.