Get TSP-75 2015

Requesting a withdrawal To request a withdrawal, log into My Account and click on the \u201cWithdrawals and Changes to Installment Payments\u201d link on the menu. From there you'll have access to an online tool with which to start your withdrawal.

To access the tool, participants must log into My Account and click on \u201cWithdrawals and Changes to Installment Payments,\u201d then click on \u201cFinancial Hardship In-Service Withdrawal.\u201d This online tool will guide the participant through the request by prompting the participant to answer questions.

How long does it take to withdraw money from the Thrift Savings Plan (TSP)? It generally takes between 7 and 10 business days to process a TSP withdrawal request once it has been properly completed and submitted.

You should expect it to take up to 10 days from the time the TSP receives your request until the time you receive the check. But what if you've recently retired from federal service and you're ready to begin withdrawing the money you've saved in the TSP to help provide retirement income?

With the TSP, you are exempt from the early withdrawal penalty if you separate from federal service in the year in which you reach age 55 or later. For IRAs, the early withdrawal penalty will apply on anything you take out up until you reach the age of 59 ½.

TSP withdrawals and earned income A. TSP withdrawals are not considered earned income.

Requesting a withdrawal To request a withdrawal, log into My Account and click on the \u201cWithdrawals and Changes to Installment Payments\u201d link on the menu. From there you'll have access to an online tool with which to start your withdrawal.

Requesting a Financial Hardship In-Service Withdrawal Participants should use the online tool on the TSP website (tsp.gov) to initiate a financial hardship in-service withdrawal request.

Under the new TSP withdrawal options, all participants can take one withdrawal every 30 days. Participants who have left federal service will have no other limitations beyond the 30-day requirement to make partial withdrawals from the TSP.

It generally takes between 7 and 10 business days to process a TSP withdrawal request once it has been properly completed and submitted. If you want to make a withdrawal as a separated participant, your former agency or service must have given the TSP your separation date in order for you to proceed with your request.