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Calgunners in Service This forum is a place for our active duty and deployed members to share, request and have a bit of home where ever they are.

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  #1  
Old 01-10-2014, 7:25 AM
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Question has anyone withdrawn money from their TSP???

Yup title states the question....taken money from your Thrift Savings Plan yet?
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Old 01-12-2014, 7:10 PM
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Yes, but only a few thousand. Interest rate is very low. I think 3% or so and the loan is paid back on my terms. I chose how many months I wanted to pay the loan off in and it comes out of my drill checks monthly.
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Old 01-12-2014, 7:11 PM
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Also, no early pay off fees either.
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Old 01-12-2014, 9:36 PM
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Were you referring to borrowing money from it? Withdrawing early (and paying penalty)? Or hitting retirement age and taking distribution payments?
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Old 01-13-2014, 6:58 AM
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I've only rolled it over to a ROTH IRA.

All it took was a form and a notary.
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Old 01-27-2014, 11:09 AM
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Originally Posted by Punisher View Post
Were you referring to borrowing money from it? Withdrawing early (and paying penalty)? Or hitting retirement age and taking distribution payments?
Thinking about taking it out complety...
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Old 03-03-2014, 6:04 PM
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Are you separating? 10% penalty, 20% tax. Get some.
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Old 03-04-2014, 7:51 PM
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I just EASed and I'm about to roll mine into IRA. Not withdrawing for penalty though.
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Old 03-07-2014, 5:35 AM
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good,I just EASed and I'm about to roll mine into IRA. Not withdrawing for penalty though. thanks
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Old 03-13-2014, 8:42 AM
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I gotten out last may....was considering putting it into USAAs ira....
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Old 03-13-2014, 9:19 AM
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I got my annual statement and saw over 20% gains in the L2040 and the S fund for 2013. I'm very happy with that return. Why would you roll it into an IRA? To withdraw a loan from it easier? Or for different investment options?
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Old 03-15-2014, 7:32 PM
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Penalty is pretty high for early withdraw, just roll over.
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  #13  
Old 03-17-2014, 8:43 PM
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Not military, but did have a TSP account. I wound up taking the cash payout with the penalty. Only about 2 years worth of time, and it paid off a high interest loan. For ME it was a good deal. For many others, you're better off in the long run, leaving it or rolling it over.
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  #14  
Old 04-10-2014, 3:02 PM
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Leaving the TSP funds where they are for now.
Lowest operating costs of any investment company means better return for me.

I can also get at the funds at a younger age without penalty thru TSP than I can if I roll them into an IRA.

Disclaimer: Non military service
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  #15  
Old 04-10-2014, 3:28 PM
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My wife retired as a CEO of a financial corporation. I retired DOD. We put the same amount mine in TSP hers in a IRA. When we retired I had almost twice the money she had.
I am drawing it as a supplement to my retirement and it is great. I don't think you will find a single investment that returns more than the TSP if you have some in risk and some in less risk funds and you can change it around as the market requires.

Just an old guys two cents. Did I tell you I beat her.
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  #16  
Old 04-27-2014, 12:37 PM
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Old post and a lot depends upon your particular situation but an early withdrawal subject to the 10% (plus whatever your state gets) penalty is so high that it almost never makes sense. You may be looking at an effective tax rate of close to 50% (25% fed plus 10% penalty, 7% CA pus 3 % penalty (YMMV)).

Rolling into an IRA may make sense if you want to make investments not available in the TSP. The TSP options are pretty good; a selection of broad base index funds with very low administrative costs.
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  #17  
Old 04-30-2014, 1:12 PM
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I wont touch mine until I retire.
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  #18  
Old 05-05-2014, 12:22 PM
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I need to look into a roll over, my TSP is basically market funds.

Funny that Im getting "keep your tsp" mail now.. yea.
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  #19  
Old 05-02-2015, 7:01 PM
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Bump for fresh eyes
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  #20  
Old 05-03-2015, 12:06 PM
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I've got a loan out right now. It's 1.6% and is a heluva lot cheaper than using a CC for our project. Plus the interest is payable to ME.

When you look at the returns, I'll loose a little bit. But we are using tax free funds NOW for a small loss later and the property usage NOW so I call it a win.
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  #21  
Old 04-04-2016, 7:40 AM
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Anyone have luck?
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  #22  
Old 04-24-2016, 2:11 PM
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When I got out in 2014 I pulled everything out. I was only 24 and have zero faith in the gov/current financial system still existing when I retire so I used it to pay down my truck.


I paid a 10% penalty plus taxes. However I was smart and had put my money in the S fund which had done phenomenally for the few years I was in. Think it did about 30% for two years and like 27% the last year. Not bad. What pisses me off is that they default you to the G find that is like 0.6% which doesn't even keep up with inflation. I wasted a year in that trash before I realized I was getting screwed
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Old 04-27-2016, 3:01 PM
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Not to hijack the thread or anything, but I have no clue how to see how much I have in my tsp or how to roll it into an Ira
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  #24  
Old 04-27-2016, 4:03 PM
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Not to hijack the thread or anything, but I have no clue how to see how much I have in my tsp or how to roll it into an Ira
If you know your account number and password you can check your balance and other information at www.tsp.gov.
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  #25  
Old 04-27-2016, 5:34 PM
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I wouldn't know either or
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