Withdrawing TSP Funds to Cover Debt

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By on April 6, 2015 in Q&A with 12 Comments

Q: I am 66 years old but am still working for the federal government and making monthly deposits into my TSP funds. Can I withdraw some of the funds to take care of some revolving debt?

A: If you have not previously taken an “age-based withdrawal” from the TSP, you are entitled to take one now. The TSP has a publication on in-service withdrawals available on its website that gives detailed information about age-based withdrawals.

Agencies can request to have John Grobe, or another of Federal Career Experts' qualified instructors, deliver a retirement or transition seminar to their employees. FCE instructors are not financial advisers and will not sell or recommend financial products to class participants. Agency Benefits Officers can contact John Grobe at [email protected] to discuss schedules and costs.

© 2017 John Grobe. All rights reserved. This article may not be reproduced without express written consent from John Grobe.

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About the Author

John Grobe is President of Federal Career Experts, a consulting firm that specializes in federal retirement and career transition issues. He is also affiliated with TSP Safety Net. John retired from federal service after 25 years of progressively more responsible human resources positions. He is the author of Understanding the Federal Retirement Systems and Career Transition: A Guide for Federal Employees, both published by the Federal Management Institute. Federal Career Experts provides pre-retirement seminars for a wide variety of federal agencies.

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