[USER]

Need help calculating / making a decision on withdrawing my TSP (military 401k).

So here are the facts, I am 33 years old with 6 years left before I can retire in the military (pending any further news with my son).

I have been investing in the TSP. Which is military’s version of 401K. I still won’t be able to withdraw until I believe 59.5 years old with out incurring penalties.

I have 42k invested and I owe my own TSP 16k back as I took out a loan against my own TSP previously.

My question is if I withdraw my 42K, how much of that money will I actually get?

Will it be enough to pay my loan back AND have some extra?

Thank you for all your assistance!

[Michelle]

Go to base financial counselor, since this is a special circumstance, the financial counselor is able to find exception to policies.

The service is FREE

[Melissa]

They don’t let you withdrawal during active duty usually, and a loan is usually only a percentage of what you currently have in the account.

Usually like 50% can be a loan. So, after taxes you might get a few thousand?

I’m sorry you are going through this and hope you get the support you need from the military.

[John]

Wondering what you would do with the funds. As AD military, you have a regular paycheck. If you retire, then you will have lifetime healthcare, as well as your spouse.

Kids will be covered at least to 21, or 23 if in college, and even lifetime coverage with a serious illness.

Is there any chance for some sort of consumer loan through your credit union, rather than drawing on your TSP?

Something to span your immediate needs?

[Author]

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