Q: I am 63 and have been retired since 2005. I have been laid off once and let go from a fee-for-service job. When I retired, I took out $25,000. I need to be able to take out more money as I am 3 months behind on my mortgage. Getting another job takes at least three months, once hired, because of credentialing. Can I take an emergency withdrawal? Do I have any other options? I am about to lose my home.
A: If you’re talking about your TSP account, since you’ve already taken a partial withdrawal, you’re only access to your account is through a full withdrawal, either in monthly payments or a lump sum. If you take the lump sum, you may roll some or all of it over to an IRA with more flexible withdrawal options.